Cannabis Reclassification: A New Era for Marijuana Policy?

President Trump plans to reclassify cannabis as a Schedule III drug, a historic shift in U.S. marijuana policy, though it won't make cannabis federally legal. The move could lower taxes and improve access to banking for businesses, but it won't eliminate restrictions or the black market.

In a landmark decision, President Donald Trump has announced plans to direct the U.S. Department of Justice to reclassify cannabis as a Schedule III drug, shifting its status under the Controlled Substances Act.

Rescheduling cannabis from a Schedule I to Schedule III status represents one of the most significant policy changes in decades, although it remains illegal under federal law. Despite this reclassification, cannabis will continue to face restrictions, and Congress would need to legislate further changes for wider access.

The move could influence cannabis-related businesses by easing tax burdens and enabling better access to investor funds, potentially lowering prices for consumers. However, challenges remain regarding federal legality, interstate transportation, and the persistence of the black market, with opposition groups preparing for potential legal battles.

(With inputs from agencies.)