Trump Signs Order to Reclassify Marijuana

President Trump signed an executive order Thursday that could reclassify marijuana as a less dangerous drug and open new avenues for medical research, a major shift in federal drug policy that inches closer to what many states have done. The switch would move marijuana from its current classification as a Schedule I drug, alongside heroin and LSD. The classification Cannabis would instead be a Schedule III substance, like ketamine and some anabolic steroids.

• Reclassification by the Drug Enforcement Administration would not make it legal for recreational use by adults nationwide, but it could change how the drug is regulated and reduce a hefty tax burden on the cannabis industry, the AP reports. Administration officials tell the New York Times that the move would clear the way for research but would not affect the current approach to making marijuana-related arrests.

• Trump said he had received a deluge of phone calls supporting the move and its potential to help patients. "We have people begging for me to do this. People that are in great pain," he said.
• The Biden administration also proposed reclassifying marijuana to a Schedule III substance. Unlike Joe Biden, Trump did not have open encouragement from across his party for the move. More than 20 Republican senators, several of them staunch Trump allies, signed a letter this year urging the president to keep marijuana a Schedule I drug. That designation indicates it "has a high potential for abuse and no currently accepted medical use," per Reuters.
• Such a switch typically requires an arduous process, including a public comment period that has drawn tens of thousands of reactions from across the US. The DEA was still in the review process when Trump took office in January. Trump's order is expected to speed the process along, though it was not immediately clear how long it might take.

• Many states have legalized the recreational use of marijuana for adults or allow it for medical purposes. But federal laws have remained stricter, potentially leaving people subject to prosecution. Polling from Gallup shows more Americans back a less restrictive approach: Support for marijuana legalization has grown significantly, from just 36% in 2005 to 68% last year.
• Trump's order also calls for expanded research and access to CBD, a legal and increasingly popular hemp-derived product whose benefits are debated by experts. A new Medicare program would allow older adults to access legal hemp-derived CBD at no cost, if recommended by a doctor, said Dr. Mehmet Oz, who heads the Centers for Medicare and Medicaid Services.
• Reuters reports that stocks in cannabis-related companies soared last week after reports that Trump was considering the move. Most banks avoid the sector because of the current federal restrictions, forcing companies to turn to alternative lenders.