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 established, marijuana will remain a Schedule I controlled substance, per the Department of Justice.

The proposal must also be officially published in the Federal Register and undergo a public comment period before being allowed to take effect, which could be a process lasting up to a year, according to Axios.

In a video posted to social media Thursday, President Biden said, 

"This is monumental."

"It's an important move toward reversing longstanding inequities," he continued. 

"Far too many lives have been upended because of failed approaches to marijuana, and I'm committed to righting those wrongs."