President Donald Trump confirmed on Monday that his administration is examining whether to move marijuana from Schedule I, the federal government’s most restrictive drug category, to the less-restrictive Schedule III. Speaking in the White House briefing room, Trump said officials are “looking at reclassification” and expect to reach a decision “over the next few weeks,” adding that the issue is “very complicated” and that he has heard “great things” about cannabis for medical use as well as concerns about broader impacts. The remarks follow a Wall Street Journal report last Friday that Trump had discussed the idea at a US$1 million-per-plate fundraiser at his Bedminster, New Jersey, golf club earlier in August. Attendees included Kim Rivers, chief executive of multistate operator Trulieve Cannabis, who urged the president to support a change that could expand medical research and allow cannabis firms to claim ordinary business tax deductions. Marijuana has been listed alongside heroin and LSD since 1971; re-scheduling would not legalise recreational use federally but would sharply ease research limits and lower criminal penalties. Industry shares surged after the president’s comments and the Journal’s report. The AdvisorShares Pure US Cannabis ETF (ticker MSOS) jumped more than 11 % in pre-market trading on Monday and was up nearly 25 % by mid-afternoon. The Biden administration began a similar review in 2024 and the Drug Enforcement Administration proposed a Schedule III shift in early 2025, but that rulemaking has been on hold since March. Trump’s timeline suggests the long-debated policy shift could now move closer to resolution.