Overview

• President Trump said he is weighing a move to reclassify cannabis from Schedule I to Schedule III and expects to announce his decision within the next few weeks.
• Florida Rep. Greg Steube reintroduced the Marijuana 1-to-3 Act (H.R. 4963) this week to mandate a transfer of marijuana into Schedule III under the Controlled Substances Act.
• DEA Administrative Law Judge John Mulrooney canceled rescheduling hearings in January and an interlocutory appeal over procedural issues remains unresolved.
• Stakeholders say rescheduling would not legalize recreational use but could lift Section 280E tax restrictions, expand banking services and ease research while placing cannabis under FDA drug-approval requirements.
• Industry insiders point to high-dollar fundraisers and large contributions from firms like Trulieve as influencing Trump’s accelerated timeline for federal cannabis reform.