In probably the biggest marijuana news of the year, the Drug Enforcement Administration has agreed to move marijuana to Schedule III in the US.

This was initially recommended by the US Department of Health and Human Services last year.

The repercussions are huge. This would mean that marijuana businesses can finally get federal tax deductions, and research will be much easier to get approved.

The White House Office of Management and Budget next has to review the ruling, then would go to public comment, then finalized.

Schedule III controlled substances have much more leniency, but are still required to be sold at a pharmacy, so states will legal marijuana would still run afoul of federal law.

More stories to come, including what the timeline looks like from here on out.

Read the original story at the Associated Press.

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