UPDATE: President Donald Trump announced on Monday, October 16, 2023, that his administration is urgently “considering” reclassifying marijuana as a less dangerous drug. This announcement follows a report by The Washington Post, which indicates that Trump is expected to sign an executive order directing federal agencies to pursue this reclassification imminently.
This potential shift in policy could have significant implications for the cannabis industry and millions of Americans. By reclassifying marijuana, the administration may open doors to new regulatory frameworks, impacting everything from taxation to research and healthcare access.
The announcement comes as public sentiment around marijuana continues to evolve, with growing support for legalization across the country. Currently, marijuana is classified as a Schedule I substance under federal law, which deems it as having no accepted medical use and a high potential for abuse.
According to various polls, nearly 68% of Americans support legalizing marijuana. This evolving perspective could push the Trump administration to align federal policy with public opinion, potentially influencing the upcoming elections.
As the situation develops, industry experts and advocates are watching closely. The cannabis market, valued at approximately $13.2 billion in the U.S., could see explosive growth with such a reclassification. Investors and companies are eager to understand the potential regulatory changes that could arise from this executive order.
Next Steps: The White House has not provided a specific timeline for when the executive order will be signed. However, officials report that discussions are ongoing and may be finalized soon. As details emerge, stakeholders in the cannabis industry are preparing to react to this major policy shift.
This announcement represents a critical moment in U.S. drug policy and could redefine the landscape for cannabis use and business in America. With the spotlight on this issue, many are eager to see how Trump’s administration will navigate the complexities of marijuana reclassification.
Stay tuned for more updates as this story develops.
