President Trump Signs Executive Order Reclassifying Marijuana as Less Dangerous

What Happened?

U.S. President Donald Trump signed an executive order reclassifying marijuana as a less dangerous drug. The executive order removes marijuana from schedule one status and reclassifies it as a schedule three substance, which the Drug Enforcement Agency (DEA) defines as having ‘a moderate to low potential for physical and psychological dependence.’

President Trump issued a statement following the signing of the executive order saying, ‘Today, I'm pleased to announce that I will be signing an executive order to reschedule marijuana from a schedule one to a schedule three controlled substance with legitimate medical uses.’

Why it Matters

The reclassification of marijuana from schedule one to schedule three is the largest change for the drug since it was added to schedule one in 1970. While the new executive order does not legalize recreational use of marijuana, it will likely make it easier for the marijuana industry to operate.  Because of the reclassification, the DEA will likely devote fewer resources to tracking and prosecuting the production and sale of marijuana in the United States.

Newer medical research on marijuana suggests it is far less addictive and dangerous than previously thought. Many of the proponents of marijuana legalization reject its characterization as a gateway drug and instead refer to it as an exit drug, meaning it can help users stop taking other substances because of its medicinal effects, such as calming and relaxation.

Military veteran groups have long advocated for the legalization of medical marijuana to help reduce the number of veteran suicides. While many drugs can take several minutes to have an effect once ingested by swallowing a tablet or drinking a liquid, because marijuana can be inhaled, it goes directly to the bloodstream and can have a near-instantaneous effect. For someone contemplating suicide, the delay it takes for other drugs to kick in might not be enough to prevent a suicide attempt, whereas inhaling marijuana can produce an immediate calming effect.

According to USA Today, the reclassification of marijuana could lower tax burdens for firms, speed up research, enable standardized drug development and improve access to capital. Shares of cannabis firms went up in premarket trading the day before the signing of the executive order in anticipation. The Trump administration is also considering a Medicare pilot program, which would provide access to seniors. Adding Medicare coverage would likely attract new investments from providers. 

How it Affects You

Over two dozen states have already legalized marijuana, and the federal reclassification from schedule one to three continues the trend away from prosecution and towards widespread acceptance of marijuana usage in the United States. The federal reclassification could also spur other states to legalize marijuana in the coming years.