New changes to Cannabis legalization in 2024

The federal landscape for cannabis legislation in the United States is undergoing significant changes under the administration of President Joe Biden. With plans to legalize cannabis federally and reschedule it from a Schedule I narcotic to a Schedule III controlled substance, the Biden administration is addressing long-standing issues related to criminal justice reform, public health, and economic opportunity. Central to this initiative is the passage of the SAFE Banking Act, which aims to provide financial security and support to the burgeoning legal cannabis industry. This thesis explores the motivations behind these policy changes and their potential impacts on the legal cannabis market before the 2024 presidential election.

One of the primary motivations for the federal legalization and rescheduling of cannabis is criminal justice reform. The current classification of cannabis as a Schedule I drug, alongside substances like heroin, is widely seen as disproportionate given its medical benefits and relatively low risk of addiction. The rescheduling to Schedule III, which includes drugs with accepted medical uses and lower abuse potential, aims to correct these inequities. This move is intended to reduce the number of non-violent drug offenders incarcerated for cannabis-related offenses, thereby addressing systemic racial disparities in the criminal justice system.

Rescheduling cannabis to Schedule III will also facilitate more comprehensive medical research into its therapeutic benefits and potential risks. Currently, the Schedule I classification imposes significant restrictions on research.

The legalization and rescheduling of cannabis present substantial economic opportunities. The legal cannabis market in the United States has been expanding rapidly, contributing billions to the economy and creating hundreds of thousands of jobs. Federal legalization is expected to further stimulate economic growth by allowing cannabis businesses to access traditional banking services and attract more investments. This, in turn, will lead to greater tax revenues and economic benefits at both the state and federal levels.

Former US President Donald Trump supported the legalization of marijuana for recreational use under certain conditions in his home state of Florida. He asserted that he was and will be again the most respected Law & Order President in U.S. history. He shared that Americans will reclaim their streets by applying tough and astute law enforcement to violent and other forms of crime. Amendment 3 will allow adults to possess up to three small amounts of marijuana for personal use in Florida.