James Romano trims flower while working in the CommCan processing facility in Medway, Massachusetts, Oct. 27, 2021.
Erin Clark | Boston Globe | Getty Images
The U.S. Department of Health and Human Services has recommended reclassifying marijuana as a lower-risk drug, which would in turn ease restrictions on the budding business, a spokesperson for the Drug Enforcement Administration told CNBC on Wednesday.
Marijuana is currently a Schedule I drug under the Controlled Substances Act, meaning it’s deemed to have no currently accepted medical use and a high potential for abuse. Despite being legalized for recreational use in nearly half of states, marijuana’s federal classification alongside drugs such as heroin and LSD has hindered the industry’s growth.
After enjoying a sales surge during the Covid-19 pandemic, the industry is in free fall as investors turn away and capital dries up. The industry has also been barred from accessing most banking services, or from being traded across…
2023-08-30 15:27:01
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