The cannabis industry could be in for a major shakeup. Reports indicate that President Donald Trump will reclassify marijuana at some point this week. This comes as US stocks in cannabis-related companies are said to have risen.
If the POTUS acts on this, it could spell a significant change in the marijuana policy not seen for decades. Shares in cannabis companies like Canopy surged by 23%, according to reports, while Tilray reportedly rose by 15%. Marijuana is considered the most illicit drug in the US and around the globe.
President Trump’s expected move would not immediately legalize the drug
Reclassifying marijuana could loosen plenty of shackles on that industry. Axios reports that President Trump will decide on this matter very soon. If he gives the reclassification the green light, it will apparently remove barriers to researching the drug’s potential use cases. In December, the President signed an executive order to loosen federal regulations on marijuana.
If this goes through, it could lead to the plant being listed alongside common painkillers. Those are all considered less dangerous drugs, and if approved, that might be how the US sees marijuana in the future. It would come as a relief for many people who use marijuana for medical purposes, both physically and emotionally. Celebrities like Miley Cyrus previously admitted to self-medicating with weed following her divorce.
According to the U.S. Centers for Disease Control and Prevention, one in five Americans use marijuana at least once a year. Numerous cannabis firms are said to have a lot to gain if the President reclassifies marijuana. It would lower their tax burdens, per reports, and make it easier for them and other cannabis companies to secure funding.
While the POTUS can put something forward, the final decision is not in his hands. The decision to reclassify marijuana is in the hands of the Drug Enforcement Administration (DEA).
TELL US – DO YOU THINK RECLASSIFYING MARIJUANA WOULD BE BENEFICIAL TO MOST AMERICANS?
