The Biden administration announced that it has taken the next step towards reclassifying marijuana as a less dangerous drug under federal law. The move follows a major policy change President Biden announced last month, where he stated that reclassifying cannabis from a Schedule I drug to the less dangerous Schedule III classification is the first step in the process. Meanwhile, the Attorney General has submitted a proposed rulemaking to the Federal Register that starts the formal process to consider reclassifying marijuana under the Controlled Substances Act. However, until a final rule is es…