President Donald Trump is actively considering reclassifying marijuana from a Schedule I controlled substance, which includes drugs like heroin and LSD, to a Schedule III drug, a category that includes substances such as Tylenol with Codeine. This potential reclassification would reduce federal restrictions, ease criminal penalties, and could facilitate medical research, sales, and industry growth nationwide. Trump confirmed the administration is reviewing this complex issue and expects to make a determination within the next few weeks. The move follows significant financial contributions from cannabis companies to Trump’s political groups and a $1 million-per-plate fundraiser at his New Jersey golf club attended by industry leaders like Trulieve Cannabis CEO Kim Rivers. Bipartisan members of Congress have urged Trump to fulfill his campaign pledge to reschedule marijuana. The proposal aligns with a 2024 DEA rule to transfer marijuana to Schedule III, which has been on hold since March 2025. Cannabis stocks, including ETFs like MSOS and companies such as Tilray, Sundial, Cronos, Aurora Cannabis, and Canopy Growth, rallied on Wall Street following reports of the potential reclassification. Despite the momentum, some Republican lawmakers have expressed opposition to loosening federal marijuana restrictions. Trump emphasized that no final decision has been made yet, highlighting the complexity of the issue on Capitol Hill.