New federal bill would reschedule marijuana as Schedule III

The latest marijuana-centric bill before Congress would place cannabis as a Schedule III substance, a classification shared by Tylenol with codeine, ketamine and dronabinol.Two Florida congressmen, Republican Rep. Matt Gaetz and Democratic Rep. Darren Soto, introduced legislation Thursday that would transfer marijuana to Schedule III of the Controlled Substances Act from its current standing as a Schedule I substance, the strictest of the classifications.Having marijuana on a lower rung would uphold the rights of states that have legalized the medical use of cannabis, allow for banking activities and create a clearer path for research, Gaetz said in an interview with The Cannabist.Read the full story on The Cannabist website.