During his 2024 campaign, President Donald Trump indicated that he supported the Biden administration's plan to reclassify marijuana under the Controlled Substances Act (CSA), saying "we will continue to focus on research to unlock the medical uses of marijuana [as] a Schedule 3 drug.

Cannabis industry observers believe it is increasingly likely that President Donald Trump will soon sign an executive order directing federal agencies to complete the marijuana rescheduling process. But multiple reports indicate that the directive could also contain additional components touching on cannabis business banking access and Medicare coverage for CBD.

Trump's decision to move marijuana to Schedule III could ease taxes and expand medical access, but industry leaders warn it may also trigger stricter federal oversight and new legal risks.

Trump told reporters Monday that he was considering signing an executive order that would make cannabis a Schedule III drug, changing its long-held Schedule I status.

A White House spokesperson has confirmed to Marijuana Moment that President Donald Trump is “currently expected to address marijuana rescheduling” on Thursday, though they added that “any details of this potential action until officially announced by the White House are speculation.