All articles tagged with #drug reclassification
President Trump signed an executive order reclassifying marijuana from Schedule I to Schedule III, aiming to facilitate medical research and reduce legal barriers, while not legalizing it federally. The move recognizes marijuana's potential medical benefits and seeks to improve research and medical access, but possession remains illegal under federal law.
Cannabis stocks surged following a Wall Street Journal report that President Trump is considering reclassifying marijuana to a less restrictive drug schedule, which could significantly benefit the industry by easing regulations and boosting investment. The move, if approved, would be a major change for the $80 billion market, though it requires approval from the Attorney General and DEA, with Trump indicating a decision in the coming weeks.
The U.S. Department of Health and Human Services (HHS) has recommended reclassifying marijuana as a lower-risk drug, which would ease restrictions on the cannabis industry. Currently classified as a Schedule I drug, alongside heroin and LSD, marijuana's federal classification has hindered its growth and limited access to banking services. The HHS has called for marijuana to be reclassified as a Schedule III drug, which has a moderate to low potential for dependence. The Drug Enforcement Administration (DEA) will now review the drug and has the final authority to reschedule it. The news has led to a surge in cannabis stocks, as investors anticipate potential market expansion.