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Technically, the President can move Marijuna off the schedule 1 list with a signature. That itself would change a lot of things.

// for the truly weird look at the Cotton Lobby's effect on mj laws

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IANAL, but I think marijuana is specifically mentioned in the U.S. Code and it would take more than an executive order to change the law. While it might be removed from "Schedule I", that would just make Schedule I incomplete.

(21 USC 841)

Last time I checked, it was an executive order to move a drug from schedule 1 to 2 (has medical use).

My point is that posession would still be punishable by law.

Yes, but, people with a prescription would be legal.

The Controlled Substances Act would still punish marijuana possession since it is specifically named there, not just in reference to schedule I.

Opium poppies are also listed by name, but while you can grow them in your flower garden (but putting one in a vase on your dining table is a crime!), you can't even grow cannabis.

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