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

Marijuana business leaders in Colorado are celebrating the Biden administration's decision to reclassify cannabis as a less dangerous drug. Why it matters: It could signal a paradigm shift for an industry struggling locally with slumping sales,

Look at a graph of cannabis sales in Colorado since legalization a decade ago, and you’ll see sustained growth to more than $2.2 billion in 2021. Then you’ll notice a decline just as quickly to $1.5 billion last year.

Rescheduling marijuana won’t legalize marijuana at the federal level. And it will do nothing to streamline state-level regulations around marijuana use.

US plans to reclassify marijuana to Schedule III, based on medicinal benefits. It’s a move billed as the biggest shift ... Read More The post Weed Week: It’s showtime! Cannabis could come back from the dead as US makes biggest move in 50 years appeared first on Stockhead.