President Donald Trump's executive order last week to reclassify cannabis as a less dangerous drug is being heralded by Maine's marijuana industry as "the most progress in cannabis policy in decades."
But members aren't ready to celebrate yet. At face value, reclassifying the drug from Schedule I to Schedule III could be a boon for Maine's two cannabis markets by opening up more opportunities for research and allowing business owners to deduct ordinary business expenses, something that is currently prohibited for businesses dealing in or "trafficking" schedule I and II substances.
Many in the industry, though, say the directive lacks teeth. It orders the U.S. attorney general to move faster on a process that has been in the works since May 2024, but it does not officially reclassify cannabis immediately.
It also does not legalize the drug, which remains illegal at the federal level, and some fear any changes could open the door for "Big Pharma" to take over Maine's craft cannabis industry. Matt Hawes, a founding member of the Maine Cannabis Industry Association, said he's approaching the executive order with a sense of "cautious optimism."
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