President Trump announced in the Oval Office on Monday that he is strongly considering an executive order to reclassify marijuana as a Schedule III drug. The President noted that reclassification would allow for "tremendous amounts of research" that are currently blocked by its status as a more dangerous substance.
Marijuana is currently classified as a Schedule I drug, placing it in the same category as heroin and ecstasy. Moving it to Schedule III would put it alongside substances like ketamine and testosterone, which are considered to have a lower potential for abuse and accepted medical uses.
While reclassification is not the same as full legalization or "descheduling," it would significantly lower barriers for the multibillion-dollar cannabis industry. The move would likely make it easier for businesses to secure funding, conduct research, and reduce their federal tax burdens.
The potential shift follows a campaign promise from Trump to look into rescheduling the drug. Although a White House official noted that no final decisions have been made, cannabis stocks surged following the President's comments on the matter.
The move has faced criticism from Democrats like Senator Ron Wyden, who accused the administration of "gaslighting" the public. Wyden argued that reclassification does not go far enough because it fails to decriminalize the plant or expunge the records of those previously convicted of minor drug offenses.
The effort to reschedule marijuana began during the previous administration but was not completed. While many states have already legalized the plant for medical or recreational use, it remains illegal under federal law, a conflict that this executive order aims to address.