The switch would move marijuana away from its current classification as a Schedule I drug, alongside heroin and LSD. Cannabis would instead be a Schedule III substance, like ketamine and some anabolic steroids.

Reclassification to a Schedule III drug and possible Medicare coverage for pot could unlock new investment from pharmaceutical companies.

The move to Schedule III marks the greatest change to U.S. drug laws since 1970 and represents a new future for the $32 billion cannabis industry.