The cannabis rumor mill is buzzing: President Donald Trump is “looking at” moving marijuana from Schedule I, the same federal category as heroin, to the less restrictive Schedule III. Depending on who you ask, it’s a serious policy shift, a calculated political move, or just more Washington smoke and mirrors.
So… is it real?
The Fundraiser That Sparked It
Reports from the Wall Street Journal say the conversation began at an August fundraiser at Trump’s Bedminster golf club, where seats went for $1 million each. According to multiple attendees, Trump told the room that he was “interested” in making the change and flagged it to staff on the spot. Trulieve CEO Kim Rivers was there and urged him to push the reform and expand medical cannabis research.
Also in the room: Pfizer’s CEO, cryptocurrency executives, and some of Trump’s top political advisers. Sources told the WSJ this was a targeted pitch from cannabis companies after months of seeing the process stall at federal agencies.
What Other Outlets Report
CNN confirmed the dinner conversation and added that Chief of Staff Susie Wiles now has agency reports on her desk outlining the pros and cons. Political aides reportedly see cannabis reform as a broadly popular “80-20” issue, while some policy advisers warn it could conflict with Trump’s tough-on-crime brand.
Earlier this month, Marijuana Moment had reported that Scotts Miracle-Gro CEO James Hagedorn says Trump has told him “multiple times” since January that he will follow through.
The Money and the Pushback
Cannabis companies and allied PACs have invested millions into Trump’s political network. American Rights and Reform PAC gave $1 million to a Trump PAC and paid $300,000 to MAGA adviser Alex Bruesewitz to promote the cause. Lobbyists Brian Ballard and Nick Iarossi have also been active.
But not everyone is on board. Kevin Sabet’s Smart Approaches to Marijuana has been running anti-cannabis ads on Fox programs. The Community Anti-Drug Coalitions of America is urging members to call the White House to oppose any change.
What Industry Leaders Are Saying
Anthony Coniglio, CEO of NewLake Capital Partners, calls Schedule III “the most significant shift in federal cannabis policy in over 50 years” and says:
“It would recognize medical utility, remove the punitive tax burden of Section 280E, open the door to research, and help distinguish compliant operators from illicit actors.”
Terry Mendez, CEO of Safe Harbor Financial, says the move would be progress but not a cure-all:
“Rescheduling will not remove the federal banking and compliance barriers that keep most large financial institutions on the sidelines. Without congressional action like the SAFER Banking Act or STATES 2.0, many of the industry’s biggest financial challenges will remain.”
And THC Group’s daily briefing adds a reality check:
“Even if Trump delivers an announcement supporting rescheduling, remember that President Biden made similar commitments that then disappeared into the grinding machinery of federal bureaucracy. The gap between Oval Office intent and regulatory execution remains the fundamental challenge.”
Is It Really Happening?
Between on-record donor-room comments, multiple media confirmations, and industry insiders saying they have heard it directly from Trump, the rumors are based on real discussions. But “considering” is a long way from signing off, and the path from presidential words to actual policy can take years.
For now, the smart move is to watch closely and prepare for change, but keep expectations grounded. In Washington, even when the smoke is real, the fire takes time to burn.
Photo: Shutterstock
