The BareStory
President Donald Trump on Thursday signed an executive order to reclassify marijuana, directing the Drug Enforcement Administration to move it from Schedule I to Schedule III of the Controlled Substances Act. This change removes cannabis from a category reserved for drugs with no accepted medical use and high abuse potential, like heroin, and places it into a classification for substances with medical applications and a moderate-to-low potential for dependence, such as ketamine.
The White House stated the action was requested by patients with severe medical conditions, including veterans and older Americans. President Trump and other officials emphasized that the executive order does not legalize the recreational use of marijuana.
The move drew opposition from some Republican lawmakers. A group of 26 House Republicans sent a letter to the president on Thursday urging him to keep marijuana as a Schedule I drug. In the letter, the lawmakers claimed that reclassification would send a dangerous message to children, make roads more dangerous, and enable drug cartels. They asserted that marijuana is an addictive drug with no medical value.
The reclassification is expected to have significant financial implications for the cannabis industry, as it will allow businesses to deduct standard expenses for tax purposes and could improve access to banking. However, shares of several cannabis companies declined on Thursday, reportedly due to investor fears of new competition from pharmaceutical firms.
In a related announcement, senior White House officials said the Centers for Medicare and Medicaid Services will launch a pilot program in April to provide certain seniors with free, doctor-recommended CBD products. The Food and Drug Administration has not fully endorsed CBD, citing studies with "inconsistent benefits" and agency-funded research that warned of potential liver toxicity from prolonged use. To date, the FDA has approved only one CBD-based drug.
How it may affect me
As a U.S. reader:
• The reclassification acknowledges marijuana’s medical use, which could eventually make it easier for patients, including veterans and seniors, to access doctor-recommended cannabis treatments.
• Opponents have raised public safety concerns, claiming the policy change could lead to more dangerous road conditions and send a risky message to children.
• Cannabis businesses can now deduct expenses, which may affect the price and availability of legal marijuana products for consumers in the long term.
• Some seniors may be eligible for free, doctor-recommended CBD products through a new pilot program, despite federal health agencies warning of potential liver toxicity.
