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The US Justice Department reclassified state-regulated marijuana as a less dangerous drug, a major shift that could increase legal cannabis sales and help a struggling industry.

The directive signed by acting Attorney General Todd Blanche moved licensed marijuana products from Schedule I — the same federal category as heroin and LSD — to the less strictly controlled Schedule III. The action stops short of fully legalizing the drug for recreational use nationwide, but it meets the demands of many advocates who have long argued for looser restrictions.

The move is likely to make operations easier for cannabis companies, including potentially gaining greater access to the banking system and reducing taxes, and bolster medical research with the drug. The US industry, which includes public firms, has been trying to revive growth in recent years after an initial surge last decade.

Shares of firms that sell marijuana products initially gained after the announcement, but then reversed course. The AdvisorShares Pure US Cannabis ETF declined as much as 15%. The drop for Curaleaf Holdings Inc., one of the largest US cannabis companies, hit 24%.

The order narrowly applied to medical use of cannabis only, rather than broadly addressing adult recreational usage, which “might also be causing some confusion,” Aaron Grey, an analyst with Alliance Global Partners, said in an interview.

Today's show features:
Curaleaf CEO Boris Jordan
Bloomberg Tech co-host Ed Ludlow on tech news roundup
Florian Ielpo, Head of Macro at Lombard Odier Investment on market reaction to Iran/geopolitics and inflation outlook latest
George Ferguson, Bloomberg Intelligence Senior Defense and Airlines Analyst on Airlines

The people, companies and trends shaping the global economy.
Watch Carol and Tim LIVE every day on YouTube:&nbsp;<a href="http://bit.ly/3vTiACF" data-destination="rte:bind">http://bit.ly/3vTiACF</a>.
The US Justice Department reclassified state-regulated marijuana as a less dangerous drug, a major shift that could increase legal cannabis sales and help a struggling industry.
The directive signed by acting Attorney General Todd Blanche moved licensed marijuana products from Schedule I &mdash; the same federal category as heroin and LSD &mdash; to the less strictly controlled Schedule III. The action stops short of fully legalizing the drug for recreational use nationwide, but it meets the demands of many advocates who have long argued for looser restrictions.
The move is likely to make operations easier for cannabis companies, including potentially gaining greater access to the banking system and reducing taxes, and bolster medical research with the drug. The US industry, which includes public firms, has been trying to revive growth in recent years after an initial surge last decade.
Shares of firms that sell marijuana products initially gained after the announcement, but then reversed course. The AdvisorShares Pure US Cannabis ETF declined as much as 15%. The drop for Curaleaf Holdings Inc., one of the largest US cannabis companies, hit 24%.
The order narrowly applied to medical use of cannabis only, rather than broadly addressing adult recreational usage, which &ldquo;might also be causing some confusion,&rdquo; Aaron Grey, an analyst with Alliance Global Partners, said in an interview.
Today's show features:
<ul>
<li>Curaleaf CEO Boris Jordan</li>
<li>Bloomberg Tech co-host Ed Ludlow on tech news roundup</li>
<li>Florian Ielpo, Head of Macro at Lombard Odier Investment on market reaction to Iran/geopolitics and inflation outlook latest</li>
<li>George Ferguson, Bloomberg Intelligence Senior Defense and Airlines Analyst on Airlines</li>
</ul>

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Listen for reporting from the magazine that helps global leaders stay ahead. Hosts Carol Massar and Tim Stenovec bring you insight on the people, companies and trends shaping today's complex economy.&nbsp; You can watch and listen to Businessweek LIVE on YouTube, weekdays from 2PM to 5PM ET: <a href="http://bit.ly/3vTiACF">http://bit.ly/3vTiACF</a>.&nbsp;

Carol Massar and Tim Stenovec bring together the latest news from the world of business and finance and the interesting stories of global technology, politics, economics and more by harnessing the power of Bloomberg Businessweek reporters and editors.

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US Reduces Marijuana Restrictions in Lift to Ailing Industry

https://api.omny.fm/orgs/e73c998e-6e60-432f-8610-ae210140c5b1/clips/897cd984-1e64-4074-aded-b435016b951e/transcript