Cue the Ron Paul “It’s Happening” gif and shout it from the rooftops: DEA will reschedule marijuana from Schedule I to Schedule III of the Controlled Substances Act, per a report from the AP. The United States federal government, through two federal agencies, is officially recognizing that cannabis “has a currently accepted medical use in treatment” and has a “potential for abuse less than drugs or other substances in Schedules I and II.”

All signs pointed towards this result, though most didn’t want to believe it until an announcement. Known repercussions will be massive, but many, many unknowns exist. And the process towards official rescheduling and federal regulation could be arduous. The White House Office of Management and Budget (OMB) will now review the DEA’s rescheduling proposal, and once approved, a period for public comment will commence. Then the DEA will publish the final rule. Questions abound about exactly what the final rule will look like and how a new federal regulatory regime over marijuana will impact the plethora of state programs, old and new alike, currently operating.

Stay tuned over the next several weeks as we dive into the particulars of the administrative process that lies ahead and explore some of the ways this monumental shift in U.S. drug policy will (or may) affect the current multibillion-dollar U.S. cannabis industry.