‘Extremely positive news’: Melodiol welcomes US move to shift marijuana to less risky federal drug classification – Medical Marijuana Program Connection

• Melodiol Global Health welcomes moves to reschedule marijuana to a lower risk category in US
• Analyst says potential US policy change “could catalyse a significant re-rating of cannabis stocks”
• Melodiol monitoring situation closely in event entry points are available

Moves to recategorise marijuana in the US to schedule III could “accelerate” entire industry, Melodiol is monitoring the situation closely.  

Melodiol Global Health (ASX:ME1) has welcomed suggestions by the US Department of Health and Human Services (HHS) to relax marijuana restrictions, in response to a review prompted by the Biden Administration in October 2022.

Around 40 US states have approved the use of marijuana to varying degrees, although there are state and federal regulations where its use is still entirely prohibited.

Marijuana is categorised as a schedule I substance according to the Controlled Substances Act and has been since it was enacted in 1970, placing it in the same class as heroin and LSD with no accepted medical use.

Reassessing the categorisation of marijuana as less dangerous is seen as an initial stride towards broader legalisation, which is reportedly supported by most Americans.

The US Department of Health and Human Services (HHS) is proposing a reconsideration of marijuana’s classification to schedule III, suggesting it should be labelled as having a moderate to low propensity for dependency and reduced potential for…