Despite this potential shift, a White House spokesperson informed Forbes that “no final decisions have been made on the rescheduling of marijuana.”
According to Straight Arrow News, the reclassification of cannabis from Schedule I to Schedule III would not equate to its legalization or decriminalization. However, it would significantly reduce barriers to research and potentially enhance the financial prospects of legal cannabis businesses.
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Following the publication of the Post's story, Reuters noted a surge in the shares of major cannabis companies, with premarket gains ranging from approximately 13.5% to 32.5%. Investors are optimistic about the prospects of reduced federal taxes and the smoother approval process for cannabis-based prescription products.
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The Washington Post detailed that President Trump considered this move during a phone conversation from the Oval Office with House Speaker Mike Johnson. Present during the call were marijuana industry executives, Health and Human Services Secretary Robert F. Kennedy Jr., and Centers for Medicare and Medicaid Services chief Mehmet Oz. Johnson reportedly expressed reservations, citing data to support his stance, but others in the room advocated for the reclassification.
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Sources indicated that President Trump appeared inclined to proceed after the discussion.
Reclassifying cannabis to Schedule III would place it among substances recognized for their medical value and lower abuse potential, alongside drugs like anabolic steroids and Tylenol with codeine. Forbes highlighted that while this move would not legalize recreational cannabis at the federal level or resolve state-federal legal conflicts, it could allow the industry to claim ordinary business deductions under the federal tax code. A cannabis attorney described this potential change as “a game-changer.”
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Shane Pennington, an attorney specializing in pre-rescheduling matters, explained to the Post that President Trump lacks the authority to unilaterally reclassify marijuana. However, he could instruct the Justice Department to bypass a pending administrative court hearing and issue a final rule. The Biden administration initiated a rescheduling review in 2022, with federal health officials recommending Schedule III in 2023. Nonetheless, the process has stalled at the Drug Enforcement Administration, leaving a planned hearing in limbo, as reported by both the Post and Forbes.
Reuters mentioned that investment bank TD Cowen suggested rescheduling could pave the way for pharmaceutical companies to seek approval for more cannabis products. Forbes reported that advocates view this potential shift as the most significant federal drug-policy change since 1970, while critics caution it could “damage” society and youth.
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In August, President Trump acknowledged the complexity of the issue, stating that he was “looking at reclassification” and recognizing the mixed views and risks involved. This potential policy shift underscores the ongoing debate over the role of cannabis in American society and the federal government's approach to drug classification.
