As someone who has worked in a professional field that is intimately interwoven with the CSA of 1970, I can say that this move is a non-answer that will find difficulty integrating itself into the legal system we are mired in. Additionally it does nothing to address state classification systems, or penalties designated for violation of said statutes. A schedule III status would require a valid and legal prescription for permitted use. That said the regulations will not permit prescriptions for a substance that has not been approved by the FDA. Good luck with that one.The only thing good I see to this is that it would be a step toward total de-scheduling. That said, there will inevitably still be heavy regulation of cannabis just as there is for ethanol. Even though ethanol is legal starting again in 1933, brewing beer was illegal until the late 1970s, and distillation is still prohibited with out licensing.