President Donald Trump announced his administration is “looking at” reclassifying cannabis from a Schedule I drug to a less severe category.
The move could shift cannabis out of the same classification as heroin and LSD, which are deemed to have “no accepted medical use and high potential for abuse.”
Market Reaction:
Cannabis stocks surged following Trump’s remarks:
Tilray Brands (US): +42%
Village Farms International (Canada): +34%
Canopy Growth Corp (Canada): +26%
He acknowledged the complexity of the issue, saying: “Some people like it, some people hate it.”
Expressed cautious optimism about medical cannabis but concern over broader use, especially its impact on children and older adults.
Cannabis remains federally illegal in the US, despite legalization in 24 states.
Former President Biden had proposed reclassifying cannabis as a Schedule III drug but didn’t finalize the change before leaving office.
Implications:
A reclassification could ease restrictions on research, banking, and taxation for cannabis businesses.
It may also signal a shift in federal drug policy, aligning more closely with state-level legalization trends.
(source time.com)
–Agencies
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