The Biden Administration took steps toward decriminalizing marijuana two weeks ago when the Drug Enforcement Agency announced its intent to reclassify the drug from a Schedule I controlled substance to a Schedule III.

Leaders in Nevada’s multimillion-dollar legal cannabis industry are welcoming news that the Biden administration is working to reclassify marijuana as a less dangerous drug, but they say the devil will be in the details.

In Nevada, the first recreational marijuana dispensaries opened in July 2017. The budding business boomed and now there are 698 operational licenses across the state. However, it hasn’t been the financial windfall the cannabis industry was expecting. Easing the federal restrictions on marijuana by reclassifying it could assist businesses that said the federal tax is too much of a burden to thrive.

Nevada cannabis businesses and consumers could likely enjoy lower costs under a federal proposal to reclassify marijuana as a less dangerous drug, according to state cannabis experts.

A Democratic senator has introduced a bill to create federal incentives for states, localities and Indian tribes that expunge low-level marijuana records—an equity-focused reform proposal that leadership has repeatedly discussed attaching to bipartisan cannabis banking legislation that’s pending floor action.

Understanding the historical context of cannabis regulation in the U.S. offers a backdrop to its current classification and potential rescheduling. Initially, when cannabis was unregulated, it was used both medicinally and recreationally. However, the 20th century brought a shift in perception, influenced by political, racial, and economic factors. The Marihuana Tax Act of 1937 marked the beginning of federal cannabis prohibition.

Recreational cannabis is a $1 billion annual industry in Nevada that continues to grow — long-awaited consumption lounges finally are starting to open — since it launched in 2017. Yet, the illegal drug market remains strong here, industry experts said.

UNLV’s Rebel Football team is heading to the Mountain West Championship game against the Boise State Broncos. Las Vegas Sun reporter Mike Grimala goes over what made this season so successful and what to expect for the game. Then Riana Durrett joins us to discuss the new UNLV Cannabis Policy Institute. She shares how this institute will help Nevada’s growing cannabis industry.