Trump signs order reclassifying cannabis for broader access

President Trump signed an executive order to reclassify marijuana from Schedule I to Schedule III under the Controlled Substances Act, easing cannabis regulations.

This change, said to address the needs of patients with chronic conditions, will allow for medical use similar to substances like ketamine and Tylenol with codeine.

A pilot program by Medicare will start in April, allowing some seniors to obtain doctor-recommended CBD products.

Cannabis stocks reacted variably with Tilray rising and others like Trulieve and Green Thumb declining.

The reclassification is seen as a vital boost for the industry, enabling tax deductions and better banking access.

Experts suggest this could lead to more research into CBD's effects.

However, Trump clarified, “the order ... doesn't legalize marijuana in any way."