Story perspectives

Trump Order Reclassifies Medical Cannabis, Grants Tax Deduction

4/24/2026

Summary

Story summary

The order grants the first federal tax deduction to state-licensed medical cannabis businesses.
Acting Attorney General Todd Blanche signed an order reclassifying FDA-approved and state-licensed medical marijuana to Schedule III.
President Donald Trump directed the Justice Department in a December executive order to accelerate the rescheduling process.
The change does not legalize marijuana federally but allows licensed operators to register with the DEA and removes penalties for researchers using product.

History

Historical Context

In 1970, the Controlled Substances Act classified cannabis as a Schedule I drug, limiting its medical use despite growing state-level acceptance. By 2022, 40 states legalized medical cannabis, reflecting a significant shift in public perception. President Biden's 2022 directive to review cannabis classification marks a pivotal moment, potentially leading to broader legalization and access for the burgeoning $41 billion industry projected by 2025.

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Story summary

The order grants the first federal tax deduction to state-licensed medical cannabis businesses.
Acting Attorney General Todd Blanche signed an order reclassifying FDA-approved and state-licensed medical marijuana to Schedule III.
President Donald Trump directed the Justice Department in a December executive order to accelerate the rescheduling process.
The change does not legalize marijuana federally but allows licensed operators to register with the DEA and removes penalties for researchers using product.

1 / 2