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.

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.

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.

Sen. Jacky Rosen (D-NV) introduced a bill today to create a federal grant program to fund the expunging or sealing of state-level cannabis offenses — using federal dollars to achieve a goal of legislative Democrats who passed a similar bill in 2023 but were stymied by Gov. Joe Lombardo's (R) veto pen.

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.