Liberal Democrat Peers propose liberalisation of cannabis law?

It seems that our Noble Friends in the House of Lords have decided that some radical thinking is necessary. They're right, of course.

And so, as part of a possibly new, expansive, and definitely liberal approach, Brian Paddick and Sally Hamwee have submitted the following amendment to the Psychoactive Substances Bill, about to have its Second Reading in the Lords;

After Clause 10

Insert the following new Clause—

“Control of cannabis

(1) Within six months of the passing of this Act, the Secretary of State shall make regulations to amend the Misuse of Drugs Regulations 2001—

(a) to omit from Schedule 1 to the regulations the substances listed in subsection (2); and

(b) to add those substances to Schedule 2 to the regulations.

(2) The substances referred to in subsection (1) are—

(a) cannabis; and

(b) cannabis resin.”

What this would mean, if my reading is correct, is that cannabis and cannabis resin could be administered by a doctor or dentist, or manufactured or compounded by a pharmacist. Possession of such administered or prescribed cannabis or caanabis resin would also not be illegal any more.

Perhaps someone could confirm my thinking here?