The US Drug Enforcement Administration (DEA) has announced plans to relax restrictions on marijuana, reports Ednews citing sozcu.com.

While stopping short of immediate legalization, the proposed federal-level changes aim to streamline access to marijuana for medicinal purposes.

Currently classified under US federal law as a Schedule I substance with high abuse potential and no recognized medical utility, marijuana would undergo a reclassification akin to prescription drugs under the envisaged reforms.

According to reports, the proposal has been forwarded to the White House following thorough review processes.

Anticipated to inject fresh vigor into the burgeoning cannabis industry, the announcement has already spurred a surge in the stock prices of cannabis-related companies.

The proposed policy overhaul carries significant political implications, potentially serving as a triumph for President Joe Biden's administration as it endeavors to address racial disparities exacerbated by the protracted war on drugs.

This development unfolds against the backdrop of marijuana's widespread availability across the nation, fueling a thriving multi-billion dollar industry. Presently, medical marijuana enjoys legal status in 38 states along with Washington, while recreational use is permitted in 24 states.