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Pot stocks rally after health officials ask DEA to reclassify marijuana as lower-risk drug

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Assistant Secretary for Health Rachel Levine reportedly requested in a letter to DEA Administrator Anne Milgram that marijuana be downgraded to a schedule III substance.

Bloomberg reported that Assistant Secretary for Health Rachel Levine made the request in a letter to DEA Administrator Anne Milgram, asking to downgrade marijuana to a schedule III substance based on a recent Food and Drug Administration review.

HHS is recommending reclassifying marijuana to say it has a moderate to low potential for dependence and a lower abuse potential, which would put it in a class with ketamine and testosterone. "This administrative process was completed in less than 11 months, reflecting this department’s collaboration and leadership to ensure that a comprehensive scientific evaluation be completed and shared expeditiously," the spokesperson said.

President Biden asked HHS Secretary Xavier Becerra and Attorney General Merrick Garland to review how marijuana is scheduled under federal law.

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