President Trump Monday said his administration is considering rescheduling marijuana on the federal level, a move that would amount to a big step toward decriminalization of weed nationwide.
Acknowledging potential divisions over the step, Trump said he will likely decide in coming weeks whether to reduce the official assessment of the danger of marijuana.
“It’s a very complicated subject,” he said at a White House press conference, pushing back against the suggestion that reclassification could seem weak on crime. “I’ve heard great things having to do with medical and bad things having to do with just about everything else.”
Trump effectively confirmed a Wall Street Journal report from Friday that said the White House might reclassify marijuana from a Schedule I to a Schedule III drug, meaning it would be considered to have some medical uses and be much less likely to cause dependence than it was before.
Schedule I drugs includes heroin and cocaine, while Schedule III includes steroids and Tylenol with codeine.
Reclassification would allow marijuana companies to fall under different tax regulations and encourage investment in the $80 billion legal weed market, among other benefits.
Cannabis company stocks soared Monday, with several stocks and funds that track the pot business shooting up by 10% or more.
The move to decriminalize would amount to a promise kept by Trump who said during the presidential campaign that he would move to “end needless arrests and incarcerations of adults for small amounts of marijuana for personal use.”
The president also voted for a 2024 state referendum that would have legalized marijuana in Florida. The measure won 56% support but failed to clear the 60% mark needed for adoption.
Public opinion has shifted over the years to dramatically favor mostly legalizing marijuana as many states have moved to permit the or use of weed for both medical and recreational purposes.
But some conservatives, including within Trump’s loyal MAGA base, argue that weed fuels other criminal behavior and is a gateway to use of other harder drugs.
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