Hold the Joint, the Federal Marijuana Movement Just Hit the Brakes

Once upon a time (and not that long ago), the issue of reclassifying marijuana was championed by the Biden administration and the marijuana industry was doing somersaults with the prospect of gaining both federal and state legalization. At the time, Democrats also tried to advance legislation known as the SAFE Banking Act to give cannabis operators access to banking services, but of course, it went nowhere in the Senate.¹ Either way, the movement has hit some headwinds.

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At election time, former President and then–Republican nominee Donald Trump seemed to show support for reclassifying marijuana and providing a pathway to mainstream business banking. He also indicated that a second Trump administration would support state efforts to legalize recreational marijuana, including a measure on the ballot for the general election in his adopted state of Florida.²

“As president, we will continue to focus on research to unlock the medical uses of marijuana to a Schedule 3 drug and work with Congress to pass common sense laws, including safe banking for state authorized companies, and supporting states’ rights to pass marijuana laws, like in Florida, that work so well for their citizens,” Trump wrote on Truth Social at the time.³ Although many have hung their hat on statements like these, it is very hard to analyze what those words really mean.

However, now that the Trump train is full steam ahead, folks are a bit leery and confused as to whether, in fact, marijuana will move schedules and when. That is the feeling outside Washington, DC, given the chill the administration has put in place. Like them or not, the people Trump is placing in drug and health agency legal positions are not exactly the type of folks you would think would vote in favor of pushing the marijuana project forward at the federal level.

On the flip side, those remaining optimistic claim that Trump might make some progress by the end of 2025. Lobbyists claim Trump supported Florida adult use and rescheduling during the 2024 campaign³ and that he has not indicated anything to the contrary since becoming No. 47. And after all, the $32 billion marijuana industry has all kinds of access to the White House, including invitations and attendance at Trump’s inaugural events to celebrate his victory.^4,5

But Green Thumb Industries CEO Ben Kovler was a bit of a downer on the company’s most recent earnings call, stating, “At the moment, it’s hard to think anything will fundamentally change [federally].”⁶

Other individuals, such as US Secretary of Health and Human Services Robert F. Kennedy Jr, have a mixed read on the subject. First, Kennedy supported marijuana during his failed presidential campaign. Then he told senators he would defer to the DEA on the matter during his confirmation hearings while telling conservative lawmakers he is going to have to study the subject further before making a decision.⁶

Everyone can agree that for now, the initiative is stalled, but it could pick up steam later in Trump’s term. There is no quick fix to making the reclassification happen in the near term. There are a lot of things on the administration’s plate that are taking priority over this issue, and patience will be required. Although one could argue that an executive order could make this happen, the more conventional thinking is that it should go through Congress and there is the possibility that the DEA will drag this out for years.

REFERENCES

1. Wietstock C. Las Vegas weed reform could create historic shift. GreenState. February 12, 2025. Accessed March 21, 2025. https://www.greenstate.com/news/las-vegas-weed-sales/

2. SAFE Banking Act of 2023, HR 2891, 118th Cong (2023). Accessed March 21, 2025. https://www.congress.gov/bill/118th-congress/house-bill/2891

3. Roberts C. President Trump will decide marijuana rescheduling, federal reform. MJBizDaily. January 22, 2025. Accessed March 21, 2025. https://mjbizdaily.com/president-trump-will-decide-marijuana-rescheduling-federal-reform/

4. Jaeger K. Trump ally who lobbies for marijuana industry predicts rescheduling and banking will get done under new administration, but not legalization. Marijuana Moment. December 20, 2024. Accessed March 21, 2025. https://www.marijuanamoment.net/trump-ally-who-lobbies-for-marijuana-industry-predicts-rescheduling-and-banking-will-get-done-under-new-administration-but-not-legalization/

5. Baker KJM, Twohey M, Ivory D, Singer-Vine J. The race for all-powerful pot. New York Times. January 25, 2025. Accessed March 21, 2025. https://www.nytimes.com/2025/01/25/us/marijuana-thc-health-claims-potency.html

6. Roberts C. Will marijuana rescheduling happen under Trump? industry’s doubts grow. MJBizDaily. March 17, 2025. Accessed March 21, 2025. https://mjbizdaily.com/will-marijuana-rescheduling-happen-under-president-donald-trump/