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Cannabis Reclassification Could Finally End The Industry’s Financial Exile

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2 weeks ago

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Cannabis Reclassification Could Finally End The Industry’s Financial Exile

Nearly two decades after individual states began allowing the medical use of cannabis, many licensed dispensaries still can’t accept credit or debit cards because payment systems don’t accept them as customers.

They also have trouble getting loans from traditional banks, where cannabis companies are seen as high-risk customers.

Since the Controlled Substances Act was signed into law in 1970, federal regulators have grouped hemp together with some of thethe most forbidden drugsin America, such as heroin and LSD.

This classification, known as Schedule I, is reserved for drugs that the government believes offer no medical benefit and have a high risk of addiction. It is a federal crime to manufacture, buy, sell, or possess a Schedule I controlled drug without a special permit.

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Post Cannabis reclassification could finally end the industry’s financial exile first appeared on Marijuana Retail Report – News and information for cannabis retailers.

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CSA

Marijuana Retail Report

Published

3 weeks ago

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December 20, 2025

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Marijuana Retail Report



President Donald Trump is expected to direct his cabinet to move forward

After weighing the pros and cons, President Donald Trump appears finally ready to direct his administration to follow through on a campaign promise to “open up the medical use of cannabis” as a Schedule III drug.

After holding a Dec. 10 meeting with cannabis industry leaders in the Oval Office, Trump is expected to issue an executive order directing top officials in his cabinet to reclassify the plant to a less restrictive status under the Controlled Substances Act (CSA). The Washington Post reported on Thursday.

Health Secretary Robert F. Kennedy Jr. and Centers for Disease Control and Prevention Mehmet Oz also attended the meeting, while the president called U.S. House Speaker Mike Johnson, D-La Licia, who opposed the plan, arguing that some studies and data do not support the move, according to media reports.

According to the current Schedule I, which the federal government ranks along with heroin, LSD, and ecstasy among the drugs with the highest potential for abuse, the federal government does not recognize marijuana as currently recognized for medical use in the United States. That will change under the White House’s expected plan to relocate the plant; however, the president cannot unilaterally move cannabis, and he has not made a final decision.

To read the rest of this article on Cannabis Business Times, Click here

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