SOUTH BEND, Ind. -- The United States Drug Enforcement Administration is making a move to reclassify marijuana down from a Schedule I narcotic to a Schedule III, according to multiple sources.

"The decision comes more than 50 years after cannabis was first listed as a strictly prohibited drug, on par with heroin and defined as a substance with no known medical value and a significant abuse potential," said Wilfred Waimiri, Communications Director with NisonCo Public Relations.

The DEA list drugs schedules as follows:

• Schedule I:  Ecstasy, LSD, heroin, methaqualone, and peyote
• Schedule II: Combination products with less than 15 milligrams of hydrocodone per dosage unit (Vicodin), cocaine, methamphetamine, methadone, hydromorphone (Dilaudid), meperidine (Demerol), oxycodone (OxyContin), fentanyl, Dexedrine, Adderall, and Ritalin
• Schedule III: Marijuana, products containing less than 90 milligrams of codeine per dosage unit (Tylenol with codeine), ketamine, anabolic steroids, testosterone
• Schedule IV: Xanax, Soma, Darvon, Darvocet, Valium, Ativan, Talwin, Ambien, Tramadol
• Schedule V: Cough suppressants with less than 200 milligrams of codeine or per 100 milliliters (Robitussin AC), Lomotil, Motofen, Lyrica, Parepectolin

The move is huge for those in the marijuana industry and those who work in states when the drug is completely legal, now allowing them to be taxed like traditional businesses.  

"Rescheduling won't legalize cannabis or let a doctor prescribe it, but it will allow existing marijuana companies to be taxed like any other business - essentially a huge investment in the overall sector by the government by way of tax relief," said CEO and Co-Founder of Cantrip Adam Terry.

While some are excited for the changes to come on the business side of the marijuana industry, many are equally excited for its larger potential medicinal use under the new classification. 

“Changing cannabis to a Schedule III substance has significant implications for its legal status and how it is regulated in the United States," said Christian Stella, CEO of Precision Compounding Pharmacy. "Rescheduling to Schedule III, implies a recognition that the substance has accepted medical uses, a lower potential for abuse (compared to Schedule I and II substances), and a relatively lower risk of dependence.

"This rescheduling has many different potential effects. This includes the acknowledgment that cannabis has accepted medical uses, which could open the door for more research into its medical applications and potentially lead to broader medical access. Rescheduling could also facilitate increased research into the therapeutic benefits and potential risks of cannabis, as researchers might face fewer restrictions when studying Schedule III substances. A rescheduling could also influence public perception, potentially reducing the stigma associated with cannabis use for medical purposes. The shift of cannabis to Schedule III opens up new possibilities for healthcare providers. It means they can now tap into its medicinal benefits more easily, making it more accessible for those who might benefit from it.”

The DEA's decision comes eight months after the U.S. Department of Health and Human Services initially advocated for the change, finding, “The vast majority of individuals who use marijuana are doing so in a manner that does not lead to dangerous outcomes to themselves or others,” according to NORML.

"The reclassification of cannabis from Schedule I to Schedule III reflects a growing recognition of the nuanced nature of cannabis and its potential medical applications," said Sarah Carter, Communications Director for Symple Seeds.