02:10 PM EDT, 05/16/2024 (MT Newswires) -- (Updates throughout with President Biden's announcement of the marijuana reclassification, DOJ statement)

The Biden administration on Thursday reclassified marijuana to a less-restrictive category.

President Joe Biden said cannabis is being moved to Schedule III category, which means it has both medical benefits and some potential for abuse, from Schedule I, which is the most severe classification under the Controlled Substances Act.

"Too many lives have been upended because of our failed approach to marijuana. So today, @TheJusticeDept is taking the next step to reclassify marijuana from a Schedule I to a Schedule III drug under federal law," Biden said in a post on X.

In a video message accompanying his post, Biden said Thursday's announcement "builds on the work we've already done to pardon a record number of federal offenses for simple possession of marijuana."

At Scheduled III category, marijuana's classification was the same as heroin.

In a statement, The Department of Justice said it has submitted a notice of proposed rulemaking to the Federal Register to initiate a formal rulemaking process for the cannabis reclassification. The procedure also requires notice to the public and an opportunity for comment and an administrative hearing, it said.

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