• Trump is considering reclassifying marijuana from Schedule I to Schedule III.
• A reclassification could ease restrictions and provide economic benefits for the cannabis industry.
• The decision is expected within the coming weeks, according to Trump.
• Reclassification would aid in research opportunities and potentially reduce criminal penalties.
• Cannabis insiders express cautious optimism about the announcement.

President Donald Trump confirmed on Monday that his administration is "looking at" reclassifying marijuana to a less dangerous category. This consideration follows previous efforts by the Biden administration to reclassify cannabis as a Schedule III drug. Trump's remarks were made during a press conference where he acknowledged the complexities surrounding the subject, stating, "It's early in the process" but he hopes to make a decision soon, potentially within weeks, according to The Hill and ABC News.

The potential reclassification from Schedule I, which includes drugs like heroin and LSD, to Schedule III could significantly change the legal landscape for cannabis. Currently, drugs classified under Schedule III, such as ketamine and anabolic steroids, are subject to less stringent regulations, which could open opportunities for further research and benefits for the cannabis industry, reports Newsweek and HuffPost.

Trump's announcement has sparked cautious optimism within the cannabis sector. Industry stakeholders suggest that reclassifying marijuana could lead to newfound economic stability and empower cannabis-related businesses. They highlight the need for credible regulations that align with the evolving understanding of cannabis use, according to HuffPost. Trump's acknowledgment of both the positive medical aspects and potential risks demonstrates the nuanced viewpoint he holds on this issue, as he stated, "I've heard great things having to do with medical" use while remaining aware of negative perceptions.

While this reclassification would not legalize cannabis at the federal level, it could relieve some of the business burdens currently faced by the cannabis industry. Companies currently cannot take standard business deductions due to the drug's Schedule I status; transitioning to Schedule III would enable some tax alleviation, which could be crucial as the cannabis market is projected to reach $34 billion this year, as noted by The Hill.

However, skepticism remains among some cannabis advocates about the sincerity of Trump's commitment to this cause. Critics point to the previous inconsistencies in his policies regarding cannabis legality and regulation. Olivia Sawyer, of Kush Queen, expressed concerns that Trump's advocacy might merely serve to enhance his approval ratings without real intent to enact change. Others believe comprehensive reform must accompany reclassification to address the historical injustices and current challenges faced by those affected by cannabis prohibition, reflective of sentiments shared by various industry leaders as reported by HuffPost, Newsweek, and ABC News.