Overview
- Multiple outlets report the president discussed an executive action to direct federal agencies to pursue moving marijuana from Schedule I to Schedule III under the Controlled Substances Act.
- The reported plan follows prior steps in the review process, including a 2023 HHS recommendation and a 2024 DEA proposal, and would still require formal agency rulemaking.
- Rescheduling would not legalize or decriminalize recreational use nationwide, but it could ease research barriers, lift the IRS 280E tax burden on cannabis businesses, and improve access to capital.
- Trump spoke about the plan in a call that included House Speaker Mike Johnson, who was skeptical, along with administration officials and industry executives who backed the shift.
- Cannabis stocks jumped on the reports, with Tilray up about 28% and other U.S.-listed names climbing between roughly 13.5% and 32.5% in premarket trading.