WASHINGTON — President Donald Trump is expected to sign an executive order on Thursday reclassifying marijuana to ease federal restrictions, according to CNN, which cited a source familiar with the planning and a senior White House official.
The official added that the timing could shift, CNN reported late on Tuesday. NBC, citing four people with direct knowledge of the plans, said the order would fast-track the reclassification and could come as soon as this week.
Representatives for the White House did not immediately respond to a Reuters request for comment.
Trump told reporters on Monday he was considering the move, sending shares of cannabis-related companies higher.
Such companies include Cronos Group, SNDL, Aurora Cannabis, Tilray Brands, Canopy Growth, Organigram Global and Trulieve Cannabis.
Under the U.S. Controlled Substances Act, marijuana is listed as a Schedule I substance like heroin, ecstasy and peyote, implying it has a high potential for abuse and no currently accepted medical applications.
The Department of Health and Human Services, under the previous Biden administration, recommended moving marijuana to the Schedule III classification that includes drugs such as Tylenol mixed with codeine, ketamine and testosterone.
The federal Drug Enforcement Administration must review the recommendation and will decide on reclassification, which could potentially lower taxes for the industry and make it easier to secure funding.
Local authorities in some regions of the United States have already loosened regulations on marijuana, allowing medical or recreational use.
