The U.S. administration is expected to reclassify marijuana as a less dangerous drug as soon as Wednesday, Axios reported, citing an official familiar with the matter. President Donald Trump had in December last year signed an executive order directing the loosening of federal regulations on marijuana to reclassify it from a Schedule I to a Schedule III substance.
Trump's order directed his attorney general to quickly move ahead with reclassifying marijuana, according to senior administration officials, a process that could lead to the psychoactive plant being listed alongside common painkillers, ketamine and testosterone as a less dangerous drug.
The reclassification, possibly the biggest policy shift in marijuana regulation since 1970, would likely reshape the pot industry by lowering tax burdens and making it easier for firms to secure funding, as well as help accelerate clinical research.
Cannabis-linked companies such as Canopy Growth, , Organigram Global, SNDL, Aurora Cannabis, Trulieve Cannabis and Tilray Brands are likely to benefit from this move.
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