DOJ reclassifies medical marijuana

Acting Attorney General Todd Blanche has signed a directive to move medical marijuana from Schedule I to the less restrictive Schedule III under the Controlled Substances Act.

While the order does not legalize marijuana at the federal level, it acknowledges the drug's medicinal benefits and eases stringent banking and research regulations.

The shift is expected to trigger a surge in the legal cannabis market by allowing businesses to deduct standard operating expenses for the first time.

The decision has drawn both praise from industry advocates and criticism from some conservative lawmakers who view it as a move toward full legalization.