Trump Signals Interest in Cannabis Rescheduling, But Timeline Remains Uncertain

President Donald Trump has publicly acknowledged his administration's strong consideration of reclassifying cannabis under federal law. This potential move could significantly impact the $32 billion legal cannabis industry by allowing more research and easing tax burdens. However, Trump did not specify when these changes might occur, leaving industry stakeholders in a state of anticipation

The possibility of cannabis being moved to Schedule 3 of the Controlled Substances Act has been a topic of speculation, especially after reports surfaced last week suggesting an imminent executive order. Trump confirmed his interest in the issue during a White House event, stating that reclassification would enable substantial research opportunities currently hindered by the plant's Schedule 1 status. Despite these discussions, no definitive timeline has been provided

This development follows Trump's previous support for adult-use marijuana legalization during his presidential campaign. The push for rescheduling has gained momentum with lobbying efforts from key industry figures like Trulieve Cannabis Corp. CEO Kim Rivers and Howard Kessler of The Commonwealth Project. These efforts have included advocacy for the benefits of CBD, particularly for senior citizens, which Trump highlighted on his Truth Social platform

Reclassifying cannabis to Schedule 3 would relieve the industry from the burdens of Internal Revenue Code Section 280E, which currently prevents businesses from making standard tax deductions. However, the impact on research might be limited due to existing legislative language. Organizations like Smart Approaches to Marijuana (SAM) have noted that many research restrictions will persist, even with rescheduling, due to provisions in a previous research bill