The Department of Justice has reclassified cannabis products used for medicinal purposes as a Schedule III drug, opening up new opportunities for cannabis businesses in New Mexico. Previously, these products were classified as Schedule I drugs, which are likely to be abused and hold little medical benefit. However, this change could lead to significant tax breaks for local businesses. This could also lead to federal funding for research into cannabis and more jobs in the industry. While the change is welcome for cannabis leaders, there are still many unanswered questions as Schedule III drugs are still technically illegal.