Trump Signs Order To Ease Federal Marijuana Restrictions: Here Is Why Cannabis Stocks Soared And Then Fell
President Donald Trump signed an executive order on Thursday, directing federal agencies to loosen regulations on marijuana, marking one of the most significant shifts in federal cannabis policy in decades.
To Promote ‘Medical Uses’ of Marijuana
The order directs U.S. Attorney General Pam Bondi to expedite the process of rescheduling marijuana to Schedule III under the Controlled Substances Act. This would put the popular psychoactive substance right alongside other common painkillers, which means it still falls short of full legalization.
Marijuana is currently classified as a Schedule I substance, a category reserved for drugs deemed to have no accepted medical use and a high potential for abuse.
See Also: High Hopes: Pot Stocks Blaze As Trump Eyes Rescheduling
According to the White House Fact Sheet, the order is aimed at removing barriers to scientific research and improving guidance for patients and healthcare providers.
The order said marijuana’s legal classification had limited research for decades, constraining studies on safety, effectiveness and long-term health outcomes, and added that reclassification would allow researchers to use real-world evidence to better assess impacts on vulnerable populations, including adolescents and young adults.
Improving Access To CBD Products
The order also outlines steps to improve access to hemp-derived cannabinoid products, particularly cannabidiol, or CBD. While CBD products are not controlled substances under federal law, they currently lack …