SEATTLE (AP) — President Donald Trump’s decision to reclassify state-licensed medical marijuana as a less dangerous drug is a boon for the industry: It gives dispensaries a big tax break, eases some barriers to researching cannabis and could even allow the export of marijuana to other countries.
But that might only be Trump’s first step. A new administrative hearing slated for the end of June could result in the reclassification of marijuana more broadly, granting tax and other benefits to state-licensed recreational markets, too.
“This is a signal that this administration means business on getting this done,” said Boston-based cannabis industry attorney Jesse Alderman, of the firm Foley Hoag.
The order issued Thursday does not legalize marijuana for medical or recreational use under federal law, and it is likely to face legal challenges.
But it does change the way marijuana is regulated, shifting licensed medical marijuana from Schedule I — reserved for drugs without medical use and with high potential for abuse — to the less strictly regulated Schedule III.
