Federal marijuana policy is changing

Someplace, somewhere, Cheech and Chong are jumping-for-joy. And we heard rumors that Snoop Dogg and Willie Nelson are flying in to join them.

President Biden announced plans yesterday to pardon all prior federal offenses of simple marijuana possession, as well as block future offenses from being prosecuted. He called on state governors to do the same, but said regulations on trafficking, marketing, and underage sales should remain in place.

• Biden also ordered the DOJ and the Department of Health and Human Services to review marijuana’s status as a Schedule 1 controlled substance, a category that includes heroin and LSD.

🌿🏛️ More deets… White House officials said the pardons will clear over 6,500 people who were convicted on federal charges of simple ​​marijuana possession from 1992 to 2021, and thousands more who were convicted of possession in D.C. There aren’t any individuals in federal prison rn solely for simple possession of marijuana, which carries a max sentence of one year per offense.

👀 Looking ahead… Officials said there’s no deadline on the ordered "scientific review" of marijuana's classification as a Schedule 1 drug, which the government defines as those with no currently accepted medical use and a high potential for abuse.

• This designation treats marijuana as more dangerous than fentanyl, a Schedule 2 drug that caused 71,238 overdose deaths in America last year alone, per the CDC.

+Fact dump: 37 states plus D.C. currently allow the use of marijuana for medicinal purposes, and 19 states plus D.C. have legalized recreational use among adults. The legalized US marijuana market is currently worth ~$64 billion, per a report published this week by analytics firm Coresight Research. Numerous recent public polls have found 60+% of Americans support legalizing marijuana on a federal level.