U.S. Justice Department moves to reclassify marijuana as 'lower-risk' drug

The U.S. Justice Department announced Thursday that it is moving to reclassify marijuana as a "lower-risk" drug.

Formalizing the new classification of cannabis would remove it from the more dangerous and illegal categories of drugs that include heroin, ecstasy, cocaine, fentanyl and methamphetamine (meth).

"Look folks, no one should be in jail for merely using or possessing marijuana. Period," said President Joe Biden in a video statement.

Biden has been pushing for the reclassification of marijuana to a lower-level drug for the past two years.

Marijuana, also known as "pot," has been considered a Schedule I drug, which the federal government considers the most dangerous and illegal. Other drugs in that category include heroin, ecstasy and LSD.

Marijuana was previously categorized as more dangerous than Schedule II drugs such as cocaine, meth, fentanyl, hydrocodone (Vicodin) and oxycodone.

Under the new rescheduling, cannabis would be classified as a Schedule III drug with the likes of Tylenol with codeine, testosterone and anabolic steroids. That means for the first time ever, marijuana would be acknowledged for the drug's medical benefits at the federal level.

"It's an important move towards reversing longstanding inequities," said Biden.

"Far too many lives have been upended because of a failed approach to marijuana, and I'm committed to righting those wrongs. You have my word on it."

The notice submitted by the Drug Enforcement Administration (DEA) on Thursday triggered a 60-day comment period that will allow the public to submit input regarding the marijuana rescheduling proposal before it is finalized.

A hearing on the reclassification could be called before the DEA issues its final decision. Experts said the entire process could take anywhere from several months up to one year.