Federally reclassifying weed means Marijuana businesses will flourish in KY Image Cannabis News June 10, 2024 President Biden Advances Plan to Reclassify Marijuana as Schedule III Drug. Last month, President Joe Biden officially announced he was moving forward with a plan to reclassify marijuana under the Controlled Substances Act. The move would see the drug moved from Schedule I — the most restrictive Medical Cannabis News Marijuana Politics Yahoo! News