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Trump eyes cannabis rescheduling: “We’re looking at reclassification”
President Donald Trump says he is “looking at reclassification” of cannabis and will “make a determination over the next few weeks,” adding, “I’ve heard great things having to do with medical.”
The remarks follow an August 8 Wall Street Journal report citing people familiar with the matter that Trump is considering reclassifying marijuana as a less dangerous drug, after cannabis companies have poured millions of dollars into his political groups. They also echo a September Truth Social post in which Trump pledged 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.”
With cannabis still classified under Schedule I alongside heroin, the move to Schedule III would be the most significant federal shift in more than 50 years, removing the 280E tax penalty, recognizing medical use, and enabling broader research.
Anthony Coniglio, CEO of NewLake Capital Partners, said such a change is “grounded in science, patient needs, and economic reality.” While not the final step, “it is an essential one,” he noted. “The science is clear, the process is underway, and the benefits are within reach. Now it’s time to finish the job.”
The US Cannabis Roundtable echoes the same sentiment: “Reclassification would remove outdated restrictions on research, open the door to new treatment options for veterans and patients living with chronic conditions, and strengthen public health with science-driven policy. Just as important, it can be implemented while maintaining all existing safeguards that protect children and young people.
Terry Mendez, CEO of Safe Harbor Financial, called Trump’s remarks “an important signal” but warned that rescheduling is not legalization. “The Bank Secrecy Act and Anti-Money Laundering rules would still apply, and access to banking would remain limited, fragmented, and costly,” he said.
Mendez urged Congress to pair rescheduling with measures like the SAFER Banking Act and STATES 2.0 Act to address lingering tax and compliance barriers. “Each day of delay constrains capital, limits growth, and increases risk for regulated operators,” he said. “The industry is ready for change. Communities are ready for change. It’s time for Washington to act.”
