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Post: ‘A big deal’: What the feds’ move to reclassify marijuana means for Colorado cannabis

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‘A big deal’: What the feds’ move to reclassify marijuana means for Colorado cannabis
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Izzy Smith, right, blows smoke toward her friend, Tina Kang at the Mile High 420 Festival in Denver, April 20, 2024. (Photo by Kevin Mohatt/Special to The Denver Post) Cannabis advocates in Colorado cheered the Biden Administration’s reported move to reclassify marijuana and said the decision likely would reduce businesses’ tax burden significantly.

Industry leaders cautioned that such a move — if finalized — would not resolve some major challenges facing the industry, such as limited access to banking. But they pointed to the symbolic importance of preparations by the U.S. Drug Enforcement Administration to downgrade the substance’s drug classification. A man pours cannabis into rolling papers as he prepares to roll a joint the Mile High 420 Festival in Civic Center Park in Denver, April 20, 2024. (Photo by Kevin Mohatt/Special to The Denver Post) “This will be the biggest change in drug policy at the federal level in at least 50 years, if not ever,” said Truman Bradley, executive director of the Marijuana Industry Group, a Colorado-based trade association. “The DEA has had the option to reschedule marijuana before this and elected to keep it at Schedule I, so a reversal is a big deal.”

The Associated Press reported Tuesday that the agency planned to move marijuana’s drug classification from Schedule I to the less restrictive Schedule III in a “historic shift of American drug policy that could have wide ripple effects across the country.” The change, if finalized, would not legalize it nationally but would loosen certain restrictions.

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