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>>Under federal regulation, Marijuana is considered a Schedule I drug and is classified as a "hallucinogenic substance*". Schedule I substances are considered to have a high abuse potential, no accepted medical use, and are considered unsafe for use even under medical supervision. Some other Schedule I drugs include Mescalin, LSD, Psilocybin (The hallucinogenic chemical found in psychedelic mushrooms) and heroin. Cocaine, methamphetamine and PCP are some examples of Schedule II substances, which are said to have "some medical value*".
*Gahlinger, Paul M. Illegal Drugs: a Complete Guide to Their History, Use, and Abuse. Plume, 2004.