Two months after President Trump issued an executive order directing his administration to move cannabis from Schedule I to Schedule III, it remains unclear whether the process is underway or when it could be finalized. Meanwhile, the Food and Drug Administration missed a deadline set by Congress to publish a list of known cannabinoids.
So, where does cannabis rescheduling stand?
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At the IgniteIt Market Spotlight in New Jersey this month, cannabis industry executives offered sharply different views on the timeline.
Moderator Jeff Guillot, CEO of Guillot Consulting, said he does not expect rescheduling to be completed before fall, citing little visible movement since December and Attorney General Pam Bondi’s decision not to address the issue during recent congressional testimony.
“That could be a signal that we’re looking at a September rollout of this,” he said from the stage.
Guillot later told GreenState by email that September would be politically opportune.
“If the White House is going to roll out any policy that’s going to excite voters before the midterm [elections], September is the time to do it.”
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Steven Ernest, head of originations at private investment firm Chicago Atlantic, was more pessimistic. He acknowledged the cannabis community is in a time of “incredible change,” pointing to a sitting Republican president discussing reform. However, he didn’t believe legalization is anywhere close.
“I’ve been doing this a dozen years. I thought [cannabis] was going to be federally legal sooner when I started than I do today.”
Vince Ning, founder and CEO of cannabis distribution firm Nabis, disagreed.
“I’ve been in the industry eight years, and I’ve never been more optimistic,” he said.
However, Ning noted that there is no clear way to predict when, or even whether, rescheduling will be completed.
“Only Trump knows when things will exactly happen by the minute or hour,” he added.
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Following up via email, Ning told GreenState he remains bullish on federal reform but acknowledged the waiting game will likely continue.
“The sentiment in Washington is more constructive than it’s been in years,” he explained, pointing to the executive order and proposed Medicare CBD coverage.
Ning added that there are still prohibitionists in powerful government positions that could lead to “speedbumps,” along with other political issues that may take precedence.
“There are significant global and domestic priorities competing for attention, so timing is difficult to predict,” he concluded.
Trump has called for swift action on rescheduling, and national polls show most Americans support some form of cannabis reform. But despite that momentum, the timeline for moving marijuana to Schedule III remains uncertain, with industry leaders split on whether a decision could come as soon as September. Given the political currency, it may make sense.
