President Donald Trump is moving toward reclassifying marijuana as a Schedule III drug and met in the Oval Office with top cannabis industry executives to discuss the plan. During that meeting, he called House Speaker Mike Johnson, a longtime critic of legalization, and put him on speakerphone so the executives could personally make their case for rescheduling.
Johnson reportedly responded with studies and objections, while industry representatives argued that rescheduling would reduce tax burdens and banking restrictions on a business valued at tens of billions of dollars.
Officials confirm that Trump has not signed any orders, but insiders and market analysts anticipate he will issue an executive order instructing federal agencies to complete the reclassification of marijuana from Schedule I.