This Federal statute contrasts with the claims of therapeutic benefits of cannabis’ biochemical constituents such as cannabidiol and THC (tetra-hydro-cannabinol) when the sole FDA indication for their use is a rare childhood (Lennox-Gasteau) seizure disorder.

The bill, which reflects growing support for legalization, would end the federal prohibition on cannabis. But it is unlikely to pass in an election year and a divided government.

Canopy Growth Corp., Tilray Brands Inc. and Curaleaf Holdings Inc. were among cannabis stocks that were sliding into the red on Wednesday, a day after news of the federal government’s plans to reclassify marijuana.

Rescheduling marijuana won’t legalize marijuana at the federal level. And it will do nothing to streamline state-level regulations around marijuana use.

The plan would also provide federal public safety guardrails to discourage users from driving while under the influence.