The U.S. Justice Department will accelerate the hearing on marijuana evaluation, a move expected to boost the cannabis industry by reducing taxes and easing access to financing. Previously, marijuana was classified alongside drugs like heroin, and while not yet fully legal in the U.S., most states have legalized it for medical or recreational use. The Justice Department announced plans to loosen restrictions on marijuana products, aiming to reclassify the drug as less dangerous, which marks a significant shift in U.S. drug policy.
This decision does not legalize marijuana nationwide but is likely to reshape the $47 billion industry, considering that most states have legalized it in some form. Medical marijuana products would now be moved from a highly addictive classification to a less restrictive category, allowing for easier access to research, tax relief, and financing. Interim Attorney General Todd Blanche also announced efforts to reclassify all uses of the psychoactive plant as less dangerous.
Following President Trump’s decree in December, these measures are set to benefit the growing U.S. cannabis industry, including companies like Canopy Growth, Tilray Brands, and Trulieve Cannabis. The legal cannabis market is projected to reach $47 billion by 2026.
Marijuana is the most consumed illicit drug in the U.S. and globally, with millions of Americans arrested for possession despite companies selling cannabis-related products. The move to reclassify marijuana brings U.S. federal policy in line with science and medical needs, as highlighted by Irwin Simon, CEO of Tilray Brands.
Skeptics argue that marijuana legalization could lead to increased drug use among minors, reduced workplace productivity, and higher road safety risks. Republican opposition to the regulation relaxed by President Trump has lessened, with Senator Tom Cotton expressing concerns about the classification change, citing increased potency and associated risks.
