"Potential Shift in U.S. Drug Policy as Marijuana Reclassification Looms"

President Biden announced plans to reclassify marijuana from a Schedule I to a Schedule III drug, which would acknowledge its medicinal benefits and reduce federal restrictions. This change could impact the cannabis industry by lowering taxes and potentially altering banking interactions, but it may not significantly affect those with state-level marijuana convictions. The reclassification process is currently in a 60-day comment period and could face legal challenges. The move is seen as part of Biden's strategy to appeal to younger voters ahead of the upcoming election.