Trump Considers Reclassifying Marijuana as a Schedule III Drug Again
Green Thumb Industries founder and CEO Ben Kovler breaks down the White House’s potential move to reclassify marijuana from Schedule I to Schedule III on ‘The Claman Countdown.’
President Donald Trump recently reiterated his consideration of reclassifying marijuana as a less dangerous drug. This statement aligns with similar remarks he made earlier this year and during his 2024 presidential campaign.
During a press briefing in the Oval Office, Trump indicated he is contemplating an executive order to change marijuana’s classification to Schedule III. He stated, “We are considering that. A lot of people want to see it, the reclassification, because it leads to tremendous amounts of research that can’t be done unless you reclassify.” He emphasized that the administration is looking into this matter “very strongly.”
TRUMP CONSIDERS RECLASSIFYING MARIJUANA AS LESS DANGEROUS DRUG: REPORT
President Donald Trump said he is weighing whether to reclassify marijuana as a less dangerous drug. (Getty Images / Getty Images)
A White House official clarified that “no final decisions have been made on the rescheduling of marijuana.” Currently, marijuana is classified as a Schedule I substance, placing it alongside heroin, ecstasy, and peyote, which suggests a high potential for abuse and no accepted medical use. In contrast, Schedule III drugs include substances like Tylenol with codeine, ketamine, and testosterone.
The proposed reclassification would significantly ease the buying and selling of cannabis, potentially enhancing the profitability of the cannabis industry. While rescheduling differs from descheduling marijuana, which would eliminate federal penalties for use and possession, reclassification would still reduce barriers to research and provide a boost to the multi-billion dollar cannabis market.
This shift could reshape the industry by lowering taxes and facilitating funding opportunities.
Marijuana’s current listing as a Schedule I substance puts it in the same category as heroin, ecstasy, and peyote. (Photo by John Tlumacki/The Boston Globe via Getty Images / Getty Images)
Reports of Trump’s potential easing of federal restrictions on marijuana have already led to a surge in cannabis company stocks. Throughout his presidential campaign, Trump expressed support for rescheduling the drug, reiterating his consideration of reclassification in August.
However, Senator Ron Wyden, D-Ore., who advocates for reclassification, accused Trump of attempting to “gaslight” the public into believing he has legalized marijuana. Wyden stated, “Trump will try to gaslight everyone into believing he just made pot legal. Wrong. He has not decriminalized cannabis or expunged the records of black and Latino Americans stuck in prison for minor drug offenses. This is just an attempt to boost his pathetic approval ratings,” he remarked on X.
CANNABIS STOCKS SURGE ON REPORT TRUMP SEEKS TO EASE RESTRICTIONS
President Donald Trump said he was considering an executive order to reclassify marijuana as a Schedule III drug. (Reuters/Kent Nishimura / Reuters Photos)
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The Biden administration had initiated efforts to reclassify marijuana but did not implement any changes before Trump left office. Over the years, numerous bills have been introduced in Congress by both Democrats and Republicans aimed at either lowering marijuana’s classification to Schedule III or completely removing it from the list of controlled substances. Efforts to decriminalize the plant have also been made, but none of these measures have been signed into law.
Currently, more than 40 states have legalized medical marijuana, while 24 states and Washington, D.C., have also legalized recreational use.
Reuters contributed to this report.
Green Thumb Industries founder and CEO Ben Kovler breaks down the White House’s potential move to reclassify marijuana from Schedule I to Schedule III on ‘The Claman Countdown.’
President Donald Trump recently reiterated his consideration of reclassifying marijuana as a less dangerous drug. This statement aligns with similar remarks he made earlier this year and during his 2024 presidential campaign.
During a press briefing in the Oval Office, Trump indicated he is contemplating an executive order to change marijuana’s classification to Schedule III. He stated, “We are considering that. A lot of people want to see it, the reclassification, because it leads to tremendous amounts of research that can’t be done unless you reclassify.” He emphasized that the administration is looking into this matter “very strongly.”
TRUMP CONSIDERS RECLASSIFYING MARIJUANA AS LESS DANGEROUS DRUG: REPORT
President Donald Trump said he is weighing whether to reclassify marijuana as a less dangerous drug. (Getty Images / Getty Images)
A White House official clarified that “no final decisions have been made on the rescheduling of marijuana.” Currently, marijuana is classified as a Schedule I substance, placing it alongside heroin, ecstasy, and peyote, which suggests a high potential for abuse and no accepted medical use. In contrast, Schedule III drugs include substances like Tylenol with codeine, ketamine, and testosterone.
The proposed reclassification would significantly ease the buying and selling of cannabis, potentially enhancing the profitability of the cannabis industry. While rescheduling differs from descheduling marijuana, which would eliminate federal penalties for use and possession, reclassification would still reduce barriers to research and provide a boost to the multi-billion dollar cannabis market.
This shift could reshape the industry by lowering taxes and facilitating funding opportunities.
Marijuana’s current listing as a Schedule I substance puts it in the same category as heroin, ecstasy, and peyote. (Photo by John Tlumacki/The Boston Globe via Getty Images / Getty Images)
Reports of Trump’s potential easing of federal restrictions on marijuana have already led to a surge in cannabis company stocks. Throughout his presidential campaign, Trump expressed support for rescheduling the drug, reiterating his consideration of reclassification in August.
However, Senator Ron Wyden, D-Ore., who advocates for reclassification, accused Trump of attempting to “gaslight” the public into believing he has legalized marijuana. Wyden stated, “Trump will try to gaslight everyone into believing he just made pot legal. Wrong. He has not decriminalized cannabis or expunged the records of black and Latino Americans stuck in prison for minor drug offenses. This is just an attempt to boost his pathetic approval ratings,” he remarked on X.
CANNABIS STOCKS SURGE ON REPORT TRUMP SEEKS TO EASE RESTRICTIONS
President Donald Trump said he was considering an executive order to reclassify marijuana as a Schedule III drug. (Reuters/Kent Nishimura / Reuters Photos)
GET FOX BUSINESS ON THE GO BY CLICKING HERE
The Biden administration had initiated efforts to reclassify marijuana but did not implement any changes before Trump left office. Over the years, numerous bills have been introduced in Congress by both Democrats and Republicans aimed at either lowering marijuana’s classification to Schedule III or completely removing it from the list of controlled substances. Efforts to decriminalize the plant have also been made, but none of these measures have been signed into law.
Currently, more than 40 states have legalized medical marijuana, while 24 states and Washington, D.C., have also legalized recreational use.
Reuters contributed to this report.
