Trump reclassifies marijuana, marking first major federal shift in decades

Trump signs executive order to reclassify marijuana

Federal officials just moved marijuana from a schedule one drug to a schedule three drug.   Today, one of the biggest leaders in the industry is talking about what this change means for the future.  Leslie Moreno is live in river north with the details.

It’s a landmark day for the cannabis industry nationwide.

President Donald Trump signed an executive order Thursday reclassifying marijuana, marking the first major federal shift in how cannabis is treated in decades. The order moves marijuana from a Schedule I to a Schedule III controlled substance.

What we know:

Schedule I drugs are defined as having no accepted medical use and a high potential for abuse. By contrast, Schedule III substances are recognized as having medical value and are subject to fewer federal restrictions.

Charlie Bachtell, Cresco Labs CEO & Chair of U.S. Cannabis Roundtable, spoke on Thursday evening about the federal action to move cannabis from a Schedule I to Schedule III controlled substance. 

Bachtell says the change formally acknowledges marijuana’s medical use and could ease long-standing barriers for the legal cannabis industry. For businesses, the reclassification may lead to significant tax relief, expanded research opportunities, and more flexibility to grow.

While the move is being celebrated by industry leaders and consumers, it does not legalize marijuana at the federal level. State laws governing cannabis remain unchanged, and the reclassification does not automatically resolve ongoing banking challenges faced by cannabis businesses.

Advocates say the decision reflects a shift in federal thinking but emphasize that broader reforms are still needed.

What's next:

Industry leaders say they will now push for additional changes, including clearer banking access and broader federal cannabis reform, as the implications of the reclassification begin to take shape.