United States President Donald Trump has announced that his administration is considering reclassifying cannabis as a less dangerous drug. Speaking to reporters at the White House, Trump stated that a determination on the legal classification of the drug would be made over the next few weeks. “We’re looking at reclassification [of marijuana] and we’ll make a determination over the next few weeks. And that determination will hopefully be the right one,” Trump said. He acknowledged the complexity of the issue, noting, “It’s a very complicated subject.”
Trump expressed mixed views on cannabis, mentioning that he had heard “great things” about medical-use cannabis but had concerns about its other uses. “Some people like it, some people hate it,” he said. “Some people hate the whole concept of marijuana because if it does bad for the children, it does bad for people that are older than children.” His comments led to a surge in cannabis-related stocks, with New York-based Tilray Brands jumping nearly 42 percent and Canada’s Village Farms International and Canopy Growth Corp closing up about 34 percent and 26 percent, respectively.
Cannabis is currently classified as a Schedule I drug, alongside substances like heroin, LSD, and ecstasy, which are considered to have “no currently accepted medical use and a high potential for abuse.” Trump reportedly told attendees at a fundraising dinner that he was interested in reclassifying the drug, potentially moving it to Schedule III, which includes substances with a “moderate to low potential for physical and psychological dependence.” This change could have significant implications for the industry, including facilitating research and medical access.
Reclassifying cannabis could reshape the legal and financial landscape for the industry nationwide. Although it would not legalize marijuana at the federal level, it could mark a significant shift in federal marijuana policy. With 24 US states having already legalized cannabis for recreational use, a reclassification could bring more consistency and support for the industry. Former US President Joe Biden had proposed a similar reclassification but was unable to enact the change before leaving office.
