As cannabis legalization, and therefore rescheduling, has reached an all-time high in the United States, two Congressman have proposed a bill that would allow medical patients, scientists and medical researchers easier access to cannabis.

The legislation would remove cannabis from its current Schedule I status, which basically states cannabis has absolutely no medicinal value, to a Schedule III status of the Controlled Substances Act.

Under the new legislation, it would be easier for medical researches to examine the benefits and risks of using medical cannabis without jumping through the initial hoops to get federal approval. This is important for developing medical cannabis research for conditions such as epilepsy, glaucoma, cancer, pain, diabetes, Alzheimer’s disease, and more.

The Schedule III status would remove certain barriers from individuals already participating in social and medical cannabis industries. As of right now, cannabis businesses are not given normal banking or tax rights because of cannabis’ Schedule I status. Under the new legislation, cannabis businesses would be able to bank with mainstream, federally accredited banks instead of in cash. Cannabis businesses would also have access to normal tax deductions.

Click here to read more about the legislation and the current political climate the new bill will be facing.