Cannabis stocks surged after a Wall Street Journal report suggested President Trump is considering reclassifying marijuana from a Schedule I to Schedule III drug under federal law.
Market impacts center on cannabis stocks; no official federal actions or cryptocurrency market changes confirmed as the industry monitors Trump’s potential policy shift.
Trump Weighs Marijuana Rescheduling to Schedule III
President Trump is reportedly considering reclassifying marijuana from Schedule I to Schedule III. “I’m looking at reclassifying marijuana from Schedule I to Schedule III,” said President Trump, echoing this potential shift at a recent private fundraiser. The announcement followed a private fundraiser where Trump discussed this potential change, raising interest in potential regulatory adjustments.
Key players include President Trump, who discussed the reclassification at a fundraiser. The White House confirmed his consideration, without committing to any outcome. This move would align with previous administrative reviews that started under prior leadership.
Industry Leaders Respond to Potential Marijuana Policy Change
The possibility of rescheduling sparked interest across various sectors, as industry leaders advocate for change. However, there’s no official directive or formal rulemaking process underway yet, causing uncertainty among stakeholders.
Potential rescheduling could affect financial markets, though no primary-source data documents any direct impacts on crypto assets. Historical trends suggest market reactions primarily align with broader regulatory changes directly targeting financial systems.
Precedents Set by Past Cannabis Legislation Efforts
Past efforts to change marijuana’s legal status, such as the 2018 Farm Bill that legalized hemp, set a precedent. Industry hopes for similar success, yet official steps remain uninitiated by agencies like the DEA or HHS.
Industry experts highlight that policy shifts could catalyze further research and market growth. However, without formal documentation, any impact remains speculative, pending official confirmation and procedural advancement from key governmental bodies.
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