Former President Donald Trump is reportedly considering a major shift in U.S. marijuana policy that could have wide-ranging effects. The proposal involves reclassifying marijuana from a Schedule I drug to a Schedule III substance under federal law. While this wouldn’t legalize marijuana nationwide, it would ease federal restrictions, open the door to more medical research, and provide benefits for cannabis businesses.

Currently, marijuana is classified as a Schedule I drug, meaning it is considered to have no accepted medical use and a high potential for abuse. Reclassifying it to Schedule III would acknowledge its medical applications and lower its perceived risk, placing it alongside substances like ketamine and testosterone.

If enacted, this change could allow cannabis companies easier access to banking services, reduce tax burdens, and encourage investment and mergers in the sector. It would also facilitate medical research into marijuana’s potential benefits and provide relief to industries affected by federal restrictions.

The proposal has sparked mixed reactions. Some worry it could lead to increased recreational use, while others see it as a step forward for medical research, veterans’ access, and the broader cannabis industry. Even without full legalization, the reclassification could have a major economic and social impact across the United States.

The decision is still under consideration, but if implemented, it would mark one of the most significant federal shifts in marijuana policy in decades.