President Trump Considers Rescheduling Cannabis

As President Donald Trump considers a proposal to federally reclassify cannabis via an administrative process, a GOP congressman has introduced a bill that would achieve the reform legislatively, codifying the policy change under federal statute.

President Trump signaled openness to cannabis rescheduling in early August, with the Drug Enforcement Administration’s (DEA) new leadership also naming it a top priority. 

This is also the fourth session in a row that Rep. Greg Steube (R-FL) has filed his “Marijuana 1-to-3 Act,” according to Marijuana Moment, a reference to the fact that the measure would make it so cannabis would be transferred from Schedule I to Schedule III under the Controlled Substances Act (CSA).

“Moving cannabis to Schedule III would mark the most significant shift in federal cannabis policy in over 50 years, and one that is grounded in science, patient needs, and economic reality,” says NewLake Capital Partners’ CEO and president Anthony Coniglio. “While it would not legalize cannabis, it would recognize its medical utility and remove the punitive tax burden of Section 280E.”

Reclassifying Cannabis From Schedule I to Schedule III

In October of 2022, former President Joe Biden requested that the U.S. Department of Health and Human Services and the Department of Justice to review cannabis’ Schedule I classification under the Controlled Substances Act (CSA). 

In April of 2024, the DEA agreed with Biden, officially starting the process of moving cannabis from Schedule I to Schedule III. 

“For decades, federal policy has classified cannabis — and by extension, the compliant state-licensed businesses that produce and sell it — alongside heroin under Schedule I of the Controlled Substances Act,” Coniglio explains. “A Schedule III designation would open the door to much-needed research in the medical applications of cannabis and mark an important step forward for new institutional investment, better access to capital markets and a stronger foundation for long-term industry growth.”

The Biden administration-initiated proposal was endorsed by Trump on the campaign trial and said more recently at a press briefing that he was considering rescheduling. The president said a decision on the pending cannabis reform would come in the next few weeks.

“The next few months will determine whether this process delivers regulatory clarity or becomes mired in politics,” says Coniglio. “Policymakers should follow the data, the Department of Health and Human Services’ recommendation and the principle that science — not stigma — should drive scheduling decisions. Rescheduling is not the final step, but it is an essential one. The science is clear, the process is underway, and the benefits are within reach. Now it’s time to finish the job.”

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