Donald Trump weighs cannabis reclassification, signaling potential federal changes; cannabis stocks soar amid market optimism. Photo/X.
United States President Donald Trump announced on Monday that his administration is “looking at” the possibility of reclassifying cannabis as a less dangerous drug under federal law. Speaking to reporters at the White House, Trump said he expected to make a decision on the legal status of cannabis within the next few weeks.
“That determination hopefully will be the right one,” Trump said. “It’s a very complicated subject.”
While expressing some optimism about medical cannabis, Trump also acknowledged the controversy surrounding the drug’s broader use.
“I’ve heard great things about medical-use cannabis,” he said, “but I’ve also heard bad things about just about everything else.” He added, “Some people like it, some people hate it. Some people hate the whole concept of marijuana because if it does bad for the children, it does bad for people that are older than children.”
Following Trump’s comments, shares in cannabis-related companies surged sharply. New York-based Tilray Brands saw its stock rise nearly 42 percent. Meanwhile, Canadian companies Village Farms International and Canopy Growth Corp closed with gains of about 34 percent and 26 percent, respectively.
Trump’s statements come after The Wall Street Journal reported last week that he had expressed interest in reclassifying cannabis during a recent fundraising dinner. Currently, cannabis remains illegal at the federal level despite being fully legal, including for recreational use, in 24 US states.
At present, cannabis is classified as a Schedule I drug under the Drug Enforcement Administration’s system, which places it alongside heroin, LSD, and ecstasy. Schedule I drugs are defined as those with “no currently accepted medical use and a high potential for abuse.”
Former President Joe Biden had proposed reclassifying cannabis as a Schedule III drug — a category defined as having a “moderate to low potential for physical and psychological dependence.” However, Biden was unable to implement this change before leaving office in January.
Currently, approximately 40 states have legalized medical marijuana, though far fewer permit recreational use.
Trump’s openness to cannabis reform marks a departure from traditional conservative views on the drug. He has expressed particular support for medical marijuana and an interest in exploring decriminalization.
In a statement on Truth Social last September, Trump wrote, “As President, we will continue to focus on research to unlock the medical uses of marijuana to a Schedule 3 drug, and work with Congress to pass common sense laws, including safe banking for state-authorized companies, and supporting states’ rights to pass marijuana laws.”
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Zubair Amin is a Senior Journalist at NewsX with over seven years of experience in reporting and editorial work. He has written for leading national and international publications, including Foreign Policy Magazine, Al Jazeera, The Economic Times, The Indian Express, The Wire, Article 14, Mongabay, News9, among others. His primary focus is on international affairs, with a strong interest in US politics and policy. He also writes on West Asia, Indian polity, and constitutional issues. Zubair tweets at zubaiyr.amin
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