The Biden administration is moving — ever so slowly — to loosen restrictions on marijuana ahead of the 2024 election.

• Why it matters: Polls show substantial support for marijuana legalization.

What's happening: The Department of Health and Human Services told the Drug Enforcement Administration it wants cannabis reclassified as a Schedule III drug.

• The move would make it easier for companies to bring cannabis products to market, Bloomberg reports.

How it works: Marijuana has been categorized as a Schedule I drug since 1970 — meaning it's considered to have no accepted medical use and a high potential for abuse, Axios' Jacob Knutson writes.

• Schedule I drugs include heroin, LSD and ecstasy. Schedule III substances are considered to have some medical uses and a lower potential for addiction.

Between the lines: Advocates want the Biden administration to go further and remove marijuana from the list of controlled substances instead of rescheduling it.

• "This historic recommendation is the best news for the cannabis industry in 70 years, but this isn't a done deal," James Whitcomb, who leads a marijuana insurance startup, told Axios' Dan Primack.

🔮 What's next: The DEA, which has final authority to reschedule drugs, will initiate its own review.

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It's been a summer of recalls at Trader Joe's with six products pulled in five weeks for possible contamination ranging from rocks, insects, metal and undeclared milk.

• Why it matters: The spate raises concerns over quality control in the retailer's supply chain, food safety lawyer and advocate Bill Marler said.

Trader Joe's is urging consumers not to eat the recalled products and has posted a string of notices on its website, Axios' Kelly Tyko reports.

• Trader Joe's spokesperson Nakia Rohde says the company is being proactive.

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1. 📉 U.S. corporate profits fell for the second straight quarter — but investors remain untroubled by the slowdown. Keep reading.
2. 🏛️ Justice Clarence Thomas disclosed three reimbursements for travel and meals from Harlan Crow, an influential conservative billionaire, after facing intense scrutiny over unreported trips. Keep reading.
3. ⚖️ Former President Trump won't attend his arraignment next week in Fulton County, Ga. He pleaded not guilty to all charges in the state's election subversion case. Keep reading.

Taylor Swift's mega tour is heading to movie theaters this fall, Axios Closer co-author Nathan Bomey writes.

• Why it matters: The Swift revolution continues. Theaters, after their smash "Barbenheimer" summer, now get to reap the rewards.

AMC says a concert film version of the music superstar's Eras Tour will debut Oct. 13.

• "Eras attire, friendship bracelets, singing and dancing encouraged," Swift posted.

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