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Trump says he's looking at reclassifying marijuana at federal level
President Donald Trump said his administration is considering reclassifying marijuana as a less dangerous drug.
"We're looking at reclassification and we'll make a determination over the next few weeks," Trump said at news conference August 11.
Though 45 states have legalized the use of marijuana for medicinal or recreational use, the federal government still classifies it as a Schedule I drug.
Schedule I drugs are defined as highly dangerous, addictive and without medical use. Marijuana has belonged to this class of drugs since the Controlled Substances Act was signed in 1970. If reclassified, marijuana would be treated the same as drugs like Tylenol with codeine and anabolic steroids, which can be prescribed by licensed health care providers and dispensed by licensed pharmacies.
Cannabis stocks rally after Trump says he is weighing drug reclassification
Cannabis stocks rallied Monday after President Donald Trump said he is considering reclassifying marijuana, which would categorize it as less of a danger to public safety.
Canopy Growth soared more than 26%, while Tilray Brands skyrocketed more than 41% in its best day since 2021. Cronos Group jumped around 16% and hit a new 52-week high.
The AdvisorShares Pure U.S. Cannabis ETF (MSOS) surged around 28%, marking its best day since 2022. The Amplify Alternative Harvest ETF (MJ) recorded its biggest one-day gain on record, rising more than 26%.
"We're looking at reclassification," Trump told reporters Monday during a press conference to announce the deployment of the National Guard to Washington, D.C. "We'll make a determination … over the next few weeks."
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Trump considers reclassifying marijuana as less dangerous drug: report
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ScottsMiracle-Gro Chairman and CEO Jim Hagedorn discusses the possible reclassification of the product and his company's performance on 'The Claman Countdown.'
President Donald Trump is weighing whether to reclassify marijuana as a less dangerous drug, according to a report.
Trump told attendees at a $1 million-a-plate fundraiser at his New Jersey golf club earlier this month he was interested in making a change to the plant's classification, The Wall Street Journal reported, citing sources familiar with the matter.
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