A key federal official has told Marijuana moment that a review of the Schedule 1 classification of cannabis under federal law is on track to be submitted to President Joe Biden by the end of this year, according to a report late Thursday by the cannabis publication. Xavier Becerra, head of the U.S. Department of Health and Human Services, said the agency is working “as quickly as we can” to wrap up the review that was ordered by President Biden last year. It’s reportedly the first time federal officials have mentioned a timeline for the process. Currently, cannabis is listed as a Schedule 1 substance, a classification which means it has no medical value. Advocates have told MarketWatch that one potential path would be for the federal government to classify cannabis as a Schedule 3 substance in a move that would effectively legalize cannabis nationwide for medical use. The AdvisorShares Pure U.S. Cannabis ETF MSOS is up 0.7% in premarket trades.
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