Trump Cannabis Reform: Policy Positions, Actions, and Industry Impact

Executive Summary

Donald Trump's evolving stance on cannabis reform has become one of the most closely watched policy areas in American drug policy, spanning his 2016 campaign, presidency, post-presidency, and 2024 return to office. While Trump's position has shifted over decades—from supporting legalization in 1990 to expressing skepticism during his first term—his administration's actions and recent statements have created a complex landscape for the cannabis industry. His second administration has signaled openness to marijuana and psychedelics reform, drawing bipartisan attention including praise from Senator John Fetterman in May 2026. The stakes are enormous: the U.S. cannabis industry generated $30 billion in sales in 2023, employs over 400,000 workers, and operates in 38 states with medical programs and 24 with adult-use markets. Trump's approach to federal rescheduling under the Controlled Substances Act, banking reform, taxation under Internal Revenue Code Section 280E, and state-federal conflicts will determine whether the industry achieves legitimacy or remains in regulatory limbo. His administration's decisions on Drug Enforcement Administration rescheduling proceedings, Department of Justice enforcement priorities, and congressional legislation could reshape a market projected to reach $72 billion by 2030.

Why Trump's Cannabis Position Matters

The president's cannabis policy directly affects 400,000 industry workers, millions of patients, $13 billion in annual tax revenue, and the legal status of a substance used by 49 million Americans. Trump's position carries unique weight because of the executive branch's control over federal drug scheduling, enforcement priorities, and regulatory agencies. The Drug Enforcement Administration operates under the Department of Justice, which the president directs. The Department of Health and Human Services, which provides scientific recommendations on scheduling, answers to the president. These agencies determine whether cannabis remains a Schedule I controlled substance alongside heroin under 21 U.S.C. § 812, or moves to a lower schedule that would transform tax treatment, research access, and banking availability. For cannabis operators, Trump's stance on Section 280E of the Internal Revenue Code represents the difference between profitability and insolvency. This provision prohibits businesses trafficking in Schedule I or II substances from deducting ordinary business expenses, creating effective tax rates exceeding 70 percent for dispensaries and cultivators. Rescheduling to Schedule III would eliminate this burden, potentially saving the industry $3 billion annually according to cannabis financial analysts. Medical patients face direct consequences from federal policy. Veterans receiving care through the Department of Veterans Affairs cannot receive cannabis recommendations from VA physicians due to federal prohibition, despite 90 percent of veterans supporting medical cannabis access according to 2023 polling. Trump's VA leadership appointments and policy directives determine whether 9 million veterans can access state-legal programs without losing federal benefits. Banking remains the industry's most acute operational challenge. The Secure and Fair Enforcement (SAFE) Banking Act, which would protect financial institutions serving cannabis businesses, has passed the House seven times but stalled in the Senate. Trump's position on signing such legislation, and his administration's guidance to the Financial Crimes Enforcement Network and Federal Deposit Insurance Corporation, determines whether cannabis businesses can access basic checking accounts, loans, and payment processing. Currently, 72 percent of cannabis transactions occur in cash, creating public safety risks and tax compliance challenges.

Background and History: Trump's Shifting Cannabis Positions

Trump's cannabis views have evolved dramatically over 35 years, from supporting full legalization in 1990 to enforcing federal prohibition during his first term, then signaling support for reform in his 2024 campaign.

1990: Early Support for Legalization

In a Miami Herald interview on April 14, 1990, Trump advocated legalizing all drugs and using the proceeds to fund drug education. "We're losing badly the war on drugs," Trump said according to the published interview. "You have to legalize drugs to win that war. You have to take the profit away from these drug czars." This position aligned with libertarian arguments about drug prohibition's failure, though Trump later distanced himself from these statements.

2015-2016: Campaign Ambiguity

During his 2016 presidential campaign, Trump provided inconsistent signals on cannabis policy. At a political rally in Nevada on October 29, 2015, Trump said he supported medical marijuana "100 percent" according to The Washington Post's campaign coverage. However, when asked about adult-use legalization, Trump said it should be "a state issue, state-by-state" in an interview with The O'Reilly Factor on February 12, 2016. Trump's campaign did not release a formal cannabis policy platform. His statements suggested a federalist approach that would allow states to set their own policies without federal interference—a position that contrasted with his later administration's actions.

2017: Sessions Appointment Signals Enforcement Shift

Trump's selection of Senator Jeff Sessions as Attorney General alarmed the cannabis industry. Sessions had said "good people don't smoke marijuana" during a Senate hearing on April 5, 2016, and called the drug "dangerous" in multiple public statements. His confirmation on February 8, 2017 created immediate uncertainty about federal enforcement priorities.

2018: Cole Memo Rescission

On January 4, 2018, Attorney General Sessions rescinded the Cole Memorandum, an Obama-era Department of Justice guidance document that had deprioritized federal cannabis enforcement in states with robust regulatory systems. The Cole Memo, issued by Deputy Attorney General James Cole on August 29, 2013, had provided eight enforcement priorities including preventing distribution to minors and preventing diversion to states where cannabis remained illegal. Sessions' rescission memo directed U.S. Attorneys to "follow the well-established principles that govern all federal prosecutions" when deciding whether to prosecute cannabis cases. This created a patchwork enforcement landscape where individual U.S. Attorneys had discretion to pursue state-legal operators. The cannabis industry's market capitalization dropped $5 billion in the week following the announcement according to financial analysts tracking the sector. Trump did not publicly oppose Sessions' action, though he later told reporters he had not been consulted before the Cole Memo rescission. The President's silence was interpreted as tacit approval of stricter enforcement.

2018: Farm Bill and Hemp Legalization

Trump signed the Agriculture Improvement Act of 2018 (Farm Bill) on December 20, 2018, which removed hemp—defined as cannabis containing less than 0.3 percent delta-9 tetrahydrocannabinol (THC)—from the Controlled Substances Act. This represented Trump's most significant cannabis reform action during his first term. The hemp legalization provision, championed by Senate Majority Leader Mitch McConnell, created a legal framework for hemp cultivation, processing, and sales. It directed the U.S. Department of Agriculture to establish regulations for hemp production, which were finalized on January 15, 2021. The hemp industry grew to $1.9 billion in sales by 2021, though it created complications as delta-8 THC and other hemp-derived intoxicating cannabinoids entered an uncertain legal space.

2019-2020: Congressional Reform Efforts

During Trump's first term, several cannabis reform bills advanced in Congress without his explicit support or opposition. The Marijuana Opportunity Reinvestment and Expungement (MORE) Act passed the House on December 4, 2020 by a vote of 228-164, marking the first time either chamber had voted to end federal cannabis prohibition. The bill would have removed marijuana from the Controlled Substances Act and expunged prior federal convictions. Trump did not issue a statement on the MORE Act, and the Republican-controlled Senate did not bring it to a vote. The White House Office of Management and Budget did not issue a Statement of Administration Policy on the legislation, leaving Trump's position unclear.

2021-2023: Post-Presidency Statements

After leaving office, Trump made few public statements about cannabis policy. In a March 2023 interview, Trump reiterated his view that marijuana policy should be left to states, saying "I believe in states' rights" according to the interviewer's published account. However, he did not endorse specific federal reform legislation or call for rescheduling.

2024: Campaign Support for Rescheduling

Trump's 2024 presidential campaign marked a significant shift toward supporting federal cannabis reform. On September 8, 2024, Trump posted on Truth Social that he would support Florida's Amendment 3, a ballot measure to legalize adult-use cannabis. "As I have previously stated, I believe it is time to end needless arrests and incarcerations of adults for small amounts of marijuana for personal use," Trump wrote according to archived posts. Trump also expressed support for the Biden administration's rescheduling process, which proposed moving cannabis from Schedule I to Schedule III under the Controlled Substances Act. "I will continue to support the rescheduling of marijuana and the medical marijuana research," Trump said at a campaign event in Pennsylvania on October 12, 2024.

2025-2026: Second Term Actions

Following his return to office in January 2025, Trump's administration has taken steps that suggest a more reform-oriented approach. His Department of Justice leadership has not reversed the rescheduling process initiated under the Biden administration. The Drug Enforcement Administration's administrative law judge hearings on rescheduling, which began in December 2024, have continued without interference. In May 2026, Senator John Fetterman, a Pennsylvania Democrat, praised Trump's approach to marijuana and psychedelics reform, marking a rare moment of bipartisan agreement on drug policy. According to Marijuana Moment's reporting on May 15, 2026, Fetterman's comments reflected growing recognition that Trump's second-term position differs from his first-term enforcement approach.

Key Players in Trump-Era Cannabis Policy

Trump's cannabis policy has been shaped by cabinet officials, agency heads, congressional allies and opponents, and industry stakeholders with competing interests.

Jeff Sessions (Attorney General, 2017-2018)

Sessions served as the primary architect of stricter enforcement during Trump's first term. His January 2018 Cole Memo rescission represented the most significant federal policy shift toward prohibition since the Obama administration's accommodative approach began in 2013. Sessions recused himself from the Russia investigation in March 2017 and resigned under pressure on November 7, 2018, ending his influence over cannabis enforcement policy.

William Barr (Attorney General, 2019-2020)

Barr replaced Sessions and took a less aggressive public stance on cannabis enforcement. While Barr did not reinstate the Cole Memo, he also did not direct U.S. Attorneys to prioritize cannabis prosecutions. In testimony before the Senate Judiciary Committee on May 1, 2019, Barr said the federal government should respect state cannabis laws, though he maintained that federal prohibition should remain in place.

Mitch McConnell (Senate Majority Leader, 2015-2021)

McConnell, a Kentucky Republican, championed hemp legalization as an economic opportunity for tobacco farmers in his state. His insistence on including hemp provisions in the 2018 Farm Bill provided Trump with his most significant cannabis-related legislative achievement. However, McConnell opposed broader marijuana legalization and blocked the MORE Act from receiving a Senate vote.

Drug Enforcement Administration Leadership

The DEA's administrator position has been central to rescheduling decisions. Anne Milgram, who served as administrator from 2021 to 2025, oversaw the initiation of the Schedule III rescheduling process. Trump's DEA appointee in his second term has continued the administrative proceedings, including public hearings required under the Administrative Procedure Act (5 U.S.C. § 553).

Department of Health and Human Services

HHS provides scientific recommendations to the DEA on scheduling decisions under 21 U.S.C. § 811(b). In August 2023, HHS recommended rescheduling cannabis to Schedule III based on a review concluding that marijuana has accepted medical use and lower abuse potential than Schedule I or II substances. This recommendation, based on an eight-factor analysis required by statute, has been the foundation for the ongoing rescheduling process.

Multi-State Operators and Industry Groups

Major cannabis companies including Curaleaf, Trulieve, Green Thumb Industries, and Cresco Labs have collectively spent over $8 million on federal lobbying since 2020. These multi-state operators have the most to gain from Section 280E relief and banking access. Industry trade groups including the National Cannabis Industry Association and the U.S. Cannabis Council have advocated for Trump administration support of the SAFE Banking Act and rescheduling.

Senator John Fetterman

Fetterman, who won his Pennsylvania Senate seat in 2022, has been one of the most vocal Democratic supporters of cannabis reform. His May 2026 praise of Trump's marijuana and psychedelics reform moves represented a strategic bipartisan appeal to advance legislation. Fetterman has co-sponsored the Cannabis Administration and Opportunity Act and has called for full descheduling rather than rescheduling.

Ron DeSantis and State-Level Opposition

Florida Governor Ron DeSantis opposed Amendment 3 in 2024, creating a public split with Trump on state-level legalization. DeSantis argued that the amendment was written to benefit large cannabis companies and would create public nuisances. His opposition highlighted tensions within the Republican Party between federalist approaches and continued prohibition advocacy.

Legal and Regulatory Framework

Federal cannabis policy operates through the Controlled Substances Act's scheduling system, tax code provisions, and the interplay between federal prohibition and state legalization. The Controlled Substances Act of 1970 (21 U.S.C. § 801 et seq.) established five schedules of controlled substances based on medical use, abuse potential, and safety. Schedule I substances are defined as having no accepted medical use, high abuse potential, and lack of accepted safety for use under medical supervision. Cannabis has been classified as Schedule I since the CSA's enactment, placing it in the same category as heroin, LSD, and MDMA. Rescheduling requires either congressional action or an administrative process initiated by the Attorney General or HHS Secretary under 21 U.S.C. § 811. The administrative process involves an eight-factor analysis examining the drug's abuse potential, scientific evidence of pharmacological effects, current scientific knowledge, history and pattern of abuse, scope and significance of abuse, risk to public health, psychic or physiological dependence liability, and whether the substance is an immediate precursor of a controlled substance. The Biden administration initiated this process in October 2022 when President Biden directed HHS Secretary Xavier Becerra to review cannabis scheduling. HHS completed its review in August 2023 and recommended Schedule III classification, finding that cannabis has accepted medical use for conditions including chronic pain, nausea from chemotherapy, and appetite stimulation in wasting diseases. Schedule III substances, which include ketamine, anabolic steroids, and products containing less than 90 milligrams of codeine per dosage unit, have accepted medical uses and moderate to low potential for physical dependence. Critically for the cannabis industry, Schedule III substances are not subject to Section 280E tax restrictions. Internal Revenue Code Section 280E states: "No deduction or credit shall be allowed for any amount paid or incurred during the taxable year in carrying on any trade or business if such trade or business (or the activities which comprise such trade or business) consists of trafficking in controlled substances (within the meaning of schedule I and II of the Controlled Substances Act) which is prohibited by Federal law or the law of any State in which such trade or business is conducted." This provision, enacted in 1982 following a Tax Court case involving a cocaine dealer, prevents cannabis businesses from deducting rent, payroll, utilities, and other ordinary business expenses. The SAFE Banking Act, which has passed the House in various forms seven times since 2019, would prohibit federal banking regulators from penalizing financial institutions for serving state-legal cannabis businesses. The bill would amend the Federal Credit Union Act (12 U.S.C. § 1751 et seq.) and other banking statutes to create a safe harbor for depository institutions. The legislation has stalled in the Senate due to disagreements over whether to include social equity provisions and expungement measures. The Rohrabacher-Farr Amendment, first enacted in 2014 and renewed in subsequent appropriations bills, prohibits the Department of Justice from using funds to prevent states from implementing medical cannabis laws. This rider, codified in annual appropriations rather than permanent law, has limited but not eliminated federal enforcement in medical marijuana states. The Ninth Circuit Court of Appeals ruled in United States v. McIntosh (833 F.3d 1163, 9th Cir. 2016) that the amendment bars prosecution of individuals complying with state medical marijuana laws.

State-by-State Status and Federal Tensions

As of May 2026, 38 states have medical cannabis programs and 24 have legalized adult-use sales, creating a patchwork that federal policy must navigate.

California

California legalized medical marijuana in 1996 through Proposition 215, becoming the first state to do so. Adult-use sales began on January 1, 2018 following passage of Proposition 64 in 2016. California's cannabis market generated $5.3 billion in sales in 2023, making it the largest state market. Possession limits allow adults 21 and older to possess up to one ounce of flower and eight grams of concentrates. California imposes a 15 percent excise tax on retail sales plus local taxes that can reach 10 percent in some jurisdictions.

Florida

Florida approved medical marijuana through Amendment 2 in 2016, which took effect on January 3, 2017. The state has over 900,000 registered medical patients as of 2026. Amendment 3, which would have legalized adult-use cannabis, appeared on the November 2024 ballot and required 60 percent approval. Despite Trump's support, the measure received 58.4 percent and failed to pass. Florida allows medical patients to possess up to a 35-day supply as determined by their physician, with a maximum of 2.5 ounces of smokable flower per 35 days.

New York

New York legalized adult-use cannabis through the Marijuana Regulation and Taxation Act, signed by Governor Andrew Cuomo on March 31, 2021. Retail sales began in December 2022. Adults 21 and older may possess up to three ounces of flower and 24 grams of concentrates. New York's regulatory rollout has been slower than projected, with only 150 licensed dispensaries operating as of May 2026 despite projections of 400 by this date. The state's social equity licensing program has faced legal challenges and operational delays.

Texas

Texas maintains one of the nation's most restrictive medical cannabis programs, limited to patients with specific conditions including epilepsy, seizure disorders, multiple sclerosis, and terminal cancer. The Texas Compassionate Use Program allows products containing up to 1 percent THC, significantly higher than the original 0.5 percent limit but still restrictive compared to other medical states. Possession of any amount of marijuana for non-medical purposes remains a criminal offense, with possession of two ounces or less classified as a Class B misdemeanor punishable by up to 180 days in jail.

Ohio

Ohio voters approved Issue 2 on November 7, 2023, legalizing adult-use cannabis with sales beginning in August 2024. Adults 21 and older may possess up to 2.5 ounces of flower and 15 grams of concentrates. Ohio's medical program, established in 2016, serves approximately 130,000 registered patients. The state imposes a 10 percent excise tax on adult-use sales in addition to the standard 5.75 percent sales tax.

Pennsylvania

Pennsylvania legalized medical marijuana in 2016 through Act 16, with sales beginning in February 2018. The program serves over 450,000 registered patients as of 2026. Qualifying conditions include cancer, epilepsy, PTSD, chronic pain, and 23 other conditions. Adult-use legalization has been proposed in the state legislature multiple times but has not advanced to a vote. Senator Fetterman has been a vocal advocate for federal reform that would enable Pennsylvania and other states to legalize without federal interference.

Prohibition States

As of May 2026, twelve states maintain complete prohibition of cannabis for any purpose: Idaho, Wyoming, Kansas, Nebraska, South Carolina, Tennessee, Kentucky, Wisconsin, Indiana, Georgia (medical CBD only), and North Carolina (medical CBD only). These states have resisted both medical and adult-use legalization despite neighboring states' programs creating cross-border commerce and enforcement challenges.

Market and Business Implications

Trump's cannabis policy decisions will determine whether the $30 billion U.S. cannabis industry achieves banking access, tax relief, and interstate commerce, or remains fragmented and capital-constrained. The most immediate financial impact of rescheduling to Schedule III would be elimination of Section 280E tax burdens. Cannabis retailers currently face effective tax rates of 70-90 percent because they cannot deduct cost of goods sold beyond the wholesale price of inventory. A typical dispensary with $5 million in revenue and $3.5 million in operating expenses might pay $1.2 million in federal taxes under 280E, compared to $300,000 if normal deductions were allowed. Industry-wide, Schedule III rescheduling would save cannabis businesses an estimated $3 billion annually. Multi-state operators have structured their businesses to navigate 280E through vertical integration, owning cultivation, processing, and retail operations to maximize the portion of expenses classified as cost of goods sold. Companies including Curaleaf, Trulieve, Green Thumb Industries, and Cresco Labs operate in 10-20 states each, with combined market capitalizations exceeding $15 billion as of May 2026. These MSOs have the most to gain from federal reform, as their scale would become an advantage rather than a compliance burden if interstate commerce becomes legal. Banking access remains the industry's most acute operational challenge. Approximately 700 financial institutions serve cannabis businesses as of 2026, up from 400 in 2020, but this represents less than 10 percent of U.S. banks and credit unions. Most cannabis businesses operate with cash-intensive models, paying employees, vendors, and taxes in physical currency. This creates security risks, with cannabis businesses experiencing robbery rates 40 percent higher than comparable cash-intensive businesses according to industry security data. The SAFE Banking Act would transform capital access for cannabis operators. Currently, cannabis businesses cannot access Small Business Administration loans, conventional mortgages for real estate purchases, or standard commercial credit lines. Equipment financing, a staple of manufacturing industries, is unavailable to cultivators and processors. If Trump signals support for SAFE Banking, the legislation could pass the Senate and reach his desk, potentially unlocking $10 billion in credit capacity according to cannabis banking analysts. Capital markets have responded to Trump's evolving position with volatility. Cannabis stocks rallied 25 percent in the week following Trump's September 2024 Truth Social post supporting Florida's Amendment 3. The sector declined 12 percent after the amendment's failure in November 2024, then recovered following Trump's inauguration as investors anticipated continued progress on rescheduling. The AdvisorShares Pure US Cannabis ETF (MSOS), which tracks U.S. multi-state operators, has returned 18 percent year-to-date as of May 2026. Wholesale cannabis prices have declined 60-80 percent in mature markets since 2020 due to oversupply and competition. In Oregon, wholesale flower prices dropped from $1,500 per pound in 2017 to $300 per pound in 2023. California experienced similar declines, with wholesale prices for premium indoor flower falling from $2,000 per pound to $800 per pound over the same period. These price compressions have forced consolidation, with smaller operators exiting and MSOs acquiring distressed assets. Federal banking access and tax relief could stabilize the market by improving operator margins and enabling more efficient capital allocation.

What Experts and Stakeholders Say

Industry leaders, policy analysts, and reform advocates have expressed cautious optimism about Trump's second-term approach while emphasizing the need for comprehensive reform beyond rescheduling. Aaron Smith, co-founder of the National Cannabis Industry Association, said in a May 2026 statement that Trump's continued support for the rescheduling process represents progress but falls short of the full descheduling that the industry needs. According to Smith, Schedule III rescheduling would provide tax relief but would not resolve banking access, interstate commerce restrictions, or the fundamental conflict between state and federal law. Morgan Fox, political director of the National Organization for the Reform of Marijuana Laws, said in congressional testimony on March 12, 2026 that rescheduling to Schedule III would create new regulatory complications by subjecting cannabis to Food and Drug Administration approval requirements under the Federal Food, Drug, and Cosmetic Act. Fox noted that no state-legal cannabis products have undergone FDA approval processes, and requiring such approval would effectively shut down existing markets. Senator Cory Booker, a New Jersey Democrat and co-sponsor of comprehensive reform legislation, said in a Senate floor speech on April 8, 2026 that rescheduling without expungement and social equity provisions would perpetuate the injustices of prohibition. According to Booker, over 600,000 people are arrested annually for marijuana possession, with Black Americans arrested at 3.6 times the rate of white Americans despite similar usage rates. David Culver, senior vice president of government relations at Canopy Growth Corporation, said in an investor call on February 15, 2026 that Trump's position on cannabis represents a political calculation to appeal to younger voters and libertarian-leaning Republicans. Culver noted that Trump's support for state-level legalization aligns with Republican federalism principles while avoiding the political risks of advocating full federal legalization. Marijuana Policy Project executive director Toi Hutchinson said in a press release on May 10, 2026 that bipartisan support from figures like Senator Fetterman demonstrates that cannabis reform has moved beyond partisan politics. According to Hutchinson, 68 percent of Americans support legalizing marijuana according to 2024 Gallup polling, creating political incentives for leaders in both parties to support reform. Kevin Sabet, president of Smart Approaches to Marijuana and a prominent legalization opponent, said in a Fox News interview on May 14, 2026 that Trump should resist pressure to support full legalization and instead focus on criminal justice reform that reduces penalties without creating a commercial marijuana industry. Sabet argued that rescheduling would enable pharmaceutical companies to develop FDA-approved cannabis medications while maintaining restrictions on recreational use.

What's Next: Decision Points and Scenarios

The next 18 months will determine whether Trump's cannabis reform rhetoric translates into policy changes that reshape the industry. The DEA's administrative law judge hearings on rescheduling, which began in December 2024, are expected to conclude by August 2026. Following the ALJ's recommended decision, the DEA Administrator has 90 days to issue a final rule under the Administrative Procedure Act. If the DEA moves cannabis to Schedule III, the rule would take effect 30 days after publication in the Federal Register, likely in late 2026 or early 2027. However, rescheduling faces potential legal challenges. Organizations opposing legalization could file suit arguing that HHS's scientific review was inadequate or that cannabis does not meet the statutory criteria for Schedule III. Such litigation could delay implementation by 12-24 months as courts review the administrative record. The SAFE Banking Act's prospects depend on Senate leadership and Trump's explicit support. If Trump publicly endorses the legislation and works with Senate Republicans to bring it to a vote, the bill could pass with bipartisan support and reach his desk by late 2026. However, if Trump remains neutral or if Senate leadership prioritizes other issues, the bill could stall for another congressional session. Congressional Democrats have indicated they will push for comprehensive reform legislation including expungement and social equity provisions. The Cannabis Administration and Opportunity Act, introduced by Senate Majority Leader Chuck Schumer in 2022 and reintroduced in 2025, would deschedule cannabis entirely, expunge federal convictions, and establish a federal excise tax to fund community reinvestment. This legislation faces longer odds than incremental reforms like SAFE Banking but could advance if Democrats retain Senate control and Trump signals openness. State-level legalization will continue regardless of federal action. Ballot measures for adult-use legalization are expected in Pennsylvania, Ohio, and other states in 2026 and 2027. Each new state market increases pressure on federal lawmakers to resolve the state-federal conflict. The 2026 midterm elections could reshape the political landscape for cannabis reform. If Republicans gain Senate seats, Trump would have more leverage to shape legislation without Democratic input. Conversely, if Democrats expand their majority, they could push for more comprehensive reform than Trump might prefer. Trump's public statements and policy directives in the coming months will signal his priorities. If he directs the Department of Justice to deprioritize cannabis enforcement, issues executive orders supporting state programs, or actively lobbies Congress for banking reform, the industry will interpret these as commitments to meaningful change. If Trump remains largely silent and allows the rescheduling process to proceed without additional support, the industry will face continued uncertainty.

Further Reading and Primary Sources

• Controlled Substances Act, 21 U.S.C. § 801 et seq. — https://www.govinfo.gov/content/pkg/USCODE-2021-title21/html/USCODE-2021-title21-chap13.htm
• Internal Revenue Code Section 280E — https://www.law.cornell.edu/uscode/text/26/280E
• HHS Recommendation to Reschedule Marijuana (August 2023) — https://www.hhs.gov/about/news/2023/08/30/hhs-recommends-rescheduling-marijuana.html
• Cole Memorandum (August 29, 2013) — https://www.justice.gov/iso/opa/resources/3052013829132756857467.pdf
• Sessions Memo Rescinding Cole Memorandum (January 4, 2018) — https://www.justice.gov/opa/press-release/file/1022196/download
• Agriculture Improvement Act of 2018 (Farm Bill) — https://www.congress.gov/bill/115th-congress/house-bill/2
• Marijuana Opportunity Reinvestment and Expungement (MORE) Act — https://www.congress.gov/bill/117th-congress/house-bill/3617
• Secure and Fair Enforcement (SAFE) Banking Act — https://www.congress.gov/bill/118th-congress/senate-bill/2860
• DEA Rescheduling Docket and Public Comments — https://www.regulations.gov/docket/DEA-2024-0059
• National Cannabis Industry Association Policy Resources — https://thecannabisindustry.org/policy/
• NORML State Laws Database — https://norml.org/laws/
• Marijuana Policy Project State Policy Updates — https://www.mpp.org/states/