Biden’s Promise to Review Pot Laws Leaves Companies in Limbo

The marijuana industry’s excitement over President Joe Biden’s call to review the drug’s federal legal status was quickly tempered by uncertainties about what changes would be made and how long they might take.

Biden said Thursday that the US will review its so-called scheduling rules for marijuana because “it makes no sense” that it currently has the same level of restrictions as heroin. Changing that classification involves a review of safety risks and potential health benefits, and could remove roadblocks that have hindered the industry’s growth -- including access to banking and lower tax burdens. That might make it ...