In a historic move, President Donald Trump signed an executive order on December 18, reclassifying marijuana from a Schedule I to a Schedule III drug, marking a significant shift in U.S. drug policy that acknowledges its medical potential.
The reclassification aims to ease federal restrictions on cannabis, facilitating increased research and expanding access for millions of medical marijuana users across the country.
While praised by cannabis advocates and libertarians, the decision has faced backlash from some Republican lawmakers who express concerns about public safety and addiction risks.
Senator Ted Budd has publicly challenged Trump's assertion of bipartisan support, highlighting a rift within the GOP on the issue.
As the cannabis industry reacted to the announcement, market fluctuations were observed, with some stocks rising and then falling amid uncertainty about the long-term implications of the reclassification.
Figures like Mike Tyson hailed the decision as a potential catalyst for job growth in the cannabis sector, as the country moves closer to normalizing cannabis use in both medical and recreational contexts.