The Trump administration announced a pivotal move on Thursday, advancing plans to reclassify cannabis under federal law-a decision that could greatly enhance scientific research into the drug’s medical applications. Although this change does not fully legalize cannabis at the federal level, it proposes shifting its classification from a Schedule I substance to Schedule III within the U.S. Drug Enforcement Administration’s controlled substances framework.
In a statement, the Department of Justice (DOJ) indicated it would immediately reclassify FDA-approved products containing marijuana, as well as items under state medical marijuana licenses, to Schedule III. Additionally, it announced an expedited hearing set for June to formally consider this reclassification. “Together, these actions provide immediate and long-term clarity to researchers, patients, and providers alike while still maintaining strict federal controls against illicit drug trafficking,” the DOJ emphasized.
Currently, Schedule I drugs, such as heroin and LSD, are viewed as having no accepted medical use and a high potential for abuse. In contrast, Schedule III drugs, including Tylenol with codeine and testosterone, are acknowledged for their medical benefits and face fewer regulatory hurdles. This reclassification is expected to alleviate longstanding obstacles that hinder researchers from studying cannabis in clinical settings.
The financial ramifications are also noteworthy. Reclassifying cannabis would exempt businesses from IRS Code Section 280E, allowing them to deduct ordinary business expenses like rent and payroll for the first time. It also opens avenues for banking access that were previously unavailable. However, investors exhibited some skepticism, as cannabis stocks pulled back from initial gains after the announcement. Critics express concern that the new policy might establish a dual-track system for drug development, potentially allowing some developers to bypass FDA regulations in favor of state-level pathways.
This announcement represents one of the most significant shifts in federal marijuana policy in decades, signaling an evolving stance in Washington towards cannabis classification and research. Companies like Tilray, known for recreational cannabis products and expanding into the medical sector, stand to benefit from this change. “We have the research to walk into the FDA. We have the research to walk into the DEA and show them what we’ve been doing,” stated Tilray CEO Irwin Simon, who anticipates increased interest from pharmaceutical companies seeking U.S. partnerships.
Scientists have long encountered stringent approval processes, restricted access to supplies, and heavy compliance requirements when investigating cannabis for therapeutic uses, including chronic pain, PTSD, and neurological disorders. These federal barriers persisted even as nearly half the states have legalized marijuana for recreational use and even more for medical purposes. “While operators would still face a fragmented state-by-state system, the improved cash flow from rescheduling would support reinvestment, strengthen stability, and help build momentum for more consistent standards over time,” remarked Wendy Bronfein, co-founder and chief brand officer at Maryland-based Curio Wellness.
This announcement follows an executive order from last year directing federal agencies to initiate the reclassification process, a typically lengthy procedure involving scientific review and rulemaking. Shawn Hauser, partner at cannabis law firm Vicente LLP, highlighted that this rescheduling is “not the finish line — it is the final stage of a race we have been running for decades.”
The significance of this reclassification aligns with broader trends in federal policy as President Trump recently signed an executive order to expedite research and clinical trials on psychedelics, such as psilocybin and MDMA, indicating a growing willingness to rethink drug classifications in the U.S.
Original Source: https://www.cnbc.com/2026/04/23/trump-administration-reclassifies-cannabis.html
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Publish Date: 2026-04-24 01:27:00
