Rumors swirl around President Trump’s marijuana rescheduling plans

It’s been a few months since President Donald Trump promised he’d be “looking at” downgrading marijuana’s status under federal law – and would do so in a few weeks.

But according to a top House Republican lawmaker who spoke at a recent event and a separate report attributed to an anonymous “senior adviser,” marijuana rescheduling could be coming before next fall’s midterm elections – or even sooner than that.

Over the summer, Trump reportedly told attendees at a $1 million-per-plate fundraiser at his New Jersey golf club that he was considering moving forward with the Biden-era proposal to reclassify cannabis as a Schedule 3 substance.

Marijuana rescheduling would gift plant-touching cannabis companies tax relief, as Internal Revenue Code Section 280E would no longer apply.

Many firms, big and small, are already claiming tax refunds on the grounds that 280E no longer applies. But the White House has since kept quiet on the subject.

When will President Donald Trump reschedule marijuana?

Pennsylvania Republican U.S. Rep. Guy Reschenthaler, the House deputy whip, recently said in public remarks that he is “cautiously optimistic” Trump will follow through with marijuana rescheduling before the 2026 midterm elections next year.

“We know the president is interested,” Reschenthaler said Nov. 17 at IgniteIt’s Cannabis Capital & Policy Summit.

Despite flagging support for marijuana legalization among Republicans in a recent Gallup poll, the congressman believes Trump  is receptive to the idea because it aligns with its “America first” agenda and the party’s states’ rights principles.

“He’s made some comments, and if you look at the president’s track record, he has a habit taking what seems like very complex issues – controversial issues – distilling it, getting behind it and then moving forward,” he said.

Echoing other pro-cannabis arguments, he framed cannabis as a potential alternative to “highly addictive opioids.”

Reschenthaler also highlighted momentum for other cannabis reforms, particularly legislation allowing marijuana businesses access to banking and basic financial services.

Even if cannabis is moved to Schedule 3 of the Controlled Substances Act, cannabis companies will likely require further reforms such as the long-awaited SAFER Banking Act.

Report: Trump has already decided to reschedule marijuana

But marijuana rescheduling could come even sooner than the midterms.

That’s if the claims to The Marijuana Herald from an unnamed “senior adviser” to the president are to be believed.

According to the anonymous official, “the Administration is close to rescheduling cannabis,” and is merely waiting for the right “event” to announce the change, the website reported.

Pressed by pro-marijuana supporters to present a timeline, the president reportedly responded “we have a plan” and “we’ll get it done,” the Herald reported.

Trump turned many heads last year when he endorsed both medical marijuana as well as a marijuana multistate operator-funded adult-use legalization initiative in Florida, where the president was registered to vote.

And in September, he set off a brief stock rally when he reposted a video produced by a pro-rescheduling outfit called The Commonwealth Project to his Truth Social account.