rewrite this title and make it good for SEOReport: President Trump close to marijuana rescheduling

President Donald Trump could soon direct the federal government to reclassify cannabis as a less dangerous drug, the Washington Post reported late Thursday.

Echoing a similar Biden-era directive to ease restrictions, Trump is weighing an executive order that would direct federal agencies to move marijuana to Schedule 3 of the federal Controlled Substances Act, according to the Post, which cited six unnamed sources with knowledge of a discussion between the president and Republican House Speaker Mike Johnson.

The timing is unclear – as is the president’s commitment.

Trump, who over the summer promised to look at marijuana rescheduling within a few weeks, “could still change his mind,” according to the Post’s sources, who added that the exact plan isn’t yet finalized.

But if true – and if executed – marijuana rescheduling could deliver profound benefits to the $32 billion regulated cannabis industry, first among them relief from onerous federal tax law that prohibits sellers of a Schedule 1 drug from making normal business deductions.

Reclassifying cannabis would also be the second major policy win in Washington in quick succession.

Last month, Trump signed into law a redefinition of hemp that bans most hemp-derived THC products, which many regulated cannabis companies saw as an unwelcome competitor that played by different rules.

Marijuana executives with Trump in the Oval Office for rescheduling discussion

During a phone call Wednesday, Trump informed Johnson, a cannabis reform opponent, that he intends to go through with marijuana rescheduling, according to the Post.

During the phone call, unnamed “marijuana industry executives” were in the Oval Office with Trump, Health Secretary Robert F. Kennedy, Jr., and Mehmet Oz, who serves as the head of the Centers for Medicare and Medicaid Services, the paper reported.

It’s not immediately clear who those executives were, though several leaders of marijuana multistate operators have worked to forge relationships with the Trump White House.

These include Cresco Labs Chief Executive Officer Charlie Bachtell and Trulieve Cannabis Corp. CEO Kim Rivers, both of whom attended Trump’s inauguration in January.

Last fall, Trump became the first major-party presidential candidate to endorse adult-use marijuana legalization when he posted in support of an initiative in Florida, where Trulieve is headquartered and where Trump is a registered voter.

Trump also endorsed rescheduling – a remarkable turn that in some observers’ eyes saw Trump steal the cannabis reform issue away from the Democratic Party.

Many industry observers saw this as a result of Rivers’ influence.

Other cannabis reformers appear to have access to the president.

In September, Trump posted to his Truth Social account a video extolling the medical benefits of CBD produced by an organization called The Commonwealth Project whose founder, Howard Kessler, is a Mar-a-Lago Club member.

‘With this president, anything is possible’

The issue was real enough for one of marijuana legalization’s most avowed foes to sound the alarm, while also cautioning that rescheduling isn’t yet a done deal.

“Obviously, not an outcome we wanted,” said Kevin Sabet, a former White House drug official who is president and CEO of Smart Approaches to Marijuana.

“This was a very vigorous fight in the administration, but at the end of the day, President Trump listened to some business associates and friends – not to the science, not to the data.”

“We’ll see whether this happens or not,” he added. “At the end of the day of course, with this president, anything is possible.”

Marijuana rescheduling stalled out under Biden

If Trump does reschedule marijuana, he would be in the unexpected position of completing unfinished Biden-era business.

Biden directed federal agencies in Oct. 2022 to reexamine marijuana’s status under federal law.

That led to federal health regulators’ Aug. 2023 declaration that cannabis has a “currently accepted medical use” in the United States – a finding that was based in part on state cannabis program data.

The next spring, the Justice Department’s Office of Legal Counsel signed off on issuing a proposed change. The process then stalled out over the final six months of Biden’s term.

Hearings on marijuana rescheduling before the Drug Enforcement Administration’s chief administrative law judge were scuttled on the eve of Trump’s inauguration amid accusations from cannabis advocates that the DEA was working to ensure the proceedings would not be impartial.

Chris Roberts can be reached at chris.roberts@mjbizdaily.com.