in a stunning move the Biden Administration is considering reclassifying marijuana as a less dangerous drug easing restrictions Nationwide putting it in a category that includes steroids and Tylenol with Codine the move could be an incentive for Congress to deal with cannabis reform today US senator Corey Booker who's long pushed to declassify marijuana joined other high-ranking members of Congress introducing the Cannabis Administration and Opportunity Act to pushed the country even further by decriminalizing cannabis at the federal level as Melissa Rose Cooper reports the effects of either change would be historic even in places like New Jersey where cannabis is already legal I think it would be an important and uh historic step uh the largest uh and most impactful piece of federal cannabis reform in History Adam goers senior vice president of the Cannabis company which has to dispensaries in New Jersey reacting to reports that marijuana could soon be classified as a less dangerous drug on the federal level according to the Associated Press the US Drug Enforcement Administration Wants to Move It from a schedule one listing which includes substances like LSD and heroin to a lesser level reclassifying it as a schedule 3 drug number one it's going to begin to lessen the stigma of cannabis as the federal government begins to loosen its restrictions on it number two it's going to open up research lots of new Pathways for cannabis to be studied by researchers to find out more about it I think uh all Americans no matter how you feel about cannabis could agree that that's a positive the move would also give cannabis operators a financial boost because there is a tax code called 280e which basically means that cannabis Industries because they're federally illegal cannot take normal business deductions so they've been laboring under really kind of a heavy tax rate since they've started so by Moving 2 ad which actually happens once it gets rescheduled to schedule 3 then that means that operators will have more income they'll be able to take deductions and also it will be a much more uh viable industry to get investment as of right now the proposed reclassification would only apply to medical marijuana and cannabis Advocates say it wouldn't have much of a positive impact in the Garden State we've created a policy in New Jersey to legalize cannabis By ignoring the schedule one status of marijuana in the CSA and moving it down to schedule three really won't affect our industry in New Jersey very much and for consumers it could be an added problem uh scheduled three drugs are things like ketamine and things that require a prescription so right now we have an over-the-counter regulated adult use market for cannabis in New Jersey schedule three doesn't quite fit in with what we already have instead Chris Goldstein says marijuana needs to be descheduled and completely removed as a controlled substance and that would would equalize cannabis alongside alcohol and tobacco and really follow in line with how states have already regulated this substance keep in mind that millions and millions of Americans including three million voters in New Jersey have gone to the polls to change our state constitutions and allow retail cannabis and in Most states allow home growing so keeping marijuana within the Controlled Substances Act really within any schedule doesn't make sense any longer Jeff Brown executive director of the Cannabis regulatory Comm Mission releasing a statement saying if or when the announcement comes from The Drug Enforcement Administration we look forward to facilitating conversations with cannabis business operators and consumers in New Jersey Advocates say any move to reclassify marijuana would still have to be reviewed by the attorney general and allow a period for public comment which could take months for NJ Spotlight news I'm Melissa Rose Cooper life is unpredictable health insurance shouldn't be for over 90 years Horizon Blue Cross Blue Shield of New Jersey has provided quality affordable health plans to New Jersey residents we have served generations of New Jersey families and businesses and are committed to driving innovations that put you at the heart of everything we do our members are our neighbors our friends and our families we're here when you need us most Horizon proud to be New Jersey [Music]