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The U.S. Drug Enforcement Administration will move to reclassify marijuana as a less dangerous drug, The Associated Press has learned, a historic shift to generations of American drug policy that could have wide ripple effects across the country. The proposal, which still must be reviewed by the White House Office of Management and Budget, would recognize the medical uses of cannabis and acknowledge it has less potential for abuse than some of the nation’s most dangerous drugs. However, it would not legalize marijuana outright for recreational use. The agency’s move, confirmed to the AP on Tuesday by five people familiar with the matter who spoke on the condition of anonymity to discuss the sensitive regulatory review, clears the last significant regulatory hurdle before the agency’s biggest policy change in more than 50 years can take effect. (Miller, Goodman, Mustian and Whitehurst, 4/30)

Moving marijuana away from Schedule I would make it much easier to research.  Schedule III drugs are considered to have a “moderate to low potential for physical and psychological dependence.” Substances within this category include ketamine, anabolic steroids and testosterone. Since Schedule I drugs have no medical value, there is no easy way to conduct clinical research.  (Weixel, 4/30)

Schedule III drugs — which include ketamine, anabolic steroids and some acetaminophen-codeine combinations — are still controlled substances. They’re subject to various rules that allow for some medical uses, and for federal criminal prosecution of anyone who traffics in the drugs without permission. No changes are expected to the medical marijuana programs now licensed in 38 states or the legal recreational cannabis markets in 23 states, but it’s unlikely they would meet the federal production, record-keeping, prescribing and other requirements for Schedule III drugs. (Peltz and Whitehurst, 4/30)

One of the biggest benefits for cannabis firms would be that they would no longer be subject to Section 280E of the U.S. federal tax code. That provision prevents businesses dealing in schedule one and two controlled substances from claiming tax credits and deductions for business expenses. The tax change would put close to $3.5 billion of cash back into the sector, which will lower the overall cost of capital for the industry, and spark a flurry of M&A activity, said Katan Associates International founder Seth Yakatan. (Roy, 4/30)