President Trump recently confirmed that his administration is considering reclassifying marijuana as a less dangerous drug — a move that could dramatically change the marijuana law landscape and impact the U.S. economy.
Currently, marijuana is classified as a Schedule I drug — alongside heroin, LSD, and MDMA. Under existing marijuana laws, these drugs are considered highly dangerous and defined as having no acceptable medical use.
Now, Trump is considering reclassifying marijuana as a Schedule III drug, a major shift in marijuana law that would align it with substances like testosterone, estrogen, and caffeine — drugs that have accepted medical uses and a lower risk of abuse.
"We're looking at reclassification and we'll make a determination over the next few weeks, and that determination hopefully will be the right one," Trump said at a recent news conference. "It's a very complicated subject."
While this change wouldn't federally legalize marijuana, experts believe it could unleash billions in untapped potential within the hemp and cannabis sectors. According to Grand View Research, this marijuana law shift could have a major economic impact and even reshape the stock market.
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