By Aaron Humes: U.S. President Donald Trump is reportedly set to sign an executive order to reclassify marijuana from a Schedule I to a Schedule III controlled substance, according to sources familiar with the matter, as reported by CNBC. This move would ease federal restrictions, potentially allowing cannabis companies to access different tax regulations and encouraging investment.
The news sent cannabis stocks soaring, with Tilray Brands and Canopy Growth jumping over 44 and 52 percent, respectively. Other cannabis-related stocks, such as Innovative Industrial Properties and the Amplify Seymour Cannabis ETF, also saw significant gains.
The Washington Post first reported Thursday that Trump was expected to use an executive order to instruct federal agencies to reclassify marijuana as a less-regulated Schedule III drug from a Schedule I. Axios reported that the potential reclassification of marijuana — out of a group that includes heroin and into a lower tier of less dangerous drugs, such as steroids and Tylenol with codeine — would take place early next year.
If implemented, the reclassification would mark a significant shift in federal cannabis policy. Marijuana would be recognized as having medical use and a lower potential for abuse, aligning it with substances like certain prescription painkillers and anabolic steroids.
The potential reclassification has been met with optimism from the cannabis industry, with some seeing it as a step towards normalizing pot under national law. However, others note that reclassification would not necessarily lead to full legalization and that the sector would still need to continue fighting for broader changes.
The move is part of a larger trend of growing acceptance of cannabis in the U.S., with some states already easing their classifications. The reclassification could have significant economic implications for the industry, potentially leading to increased investment and job creation.
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