President Trump signs executive order to reclassify marijuana

US President Donald Trump today signed an executive order that would remove marijuana from its current Schedule I classification.

The Drug Enforcement Administration's reclassification of the drug does not legalize marijuana nationwide, but it could change how the drug is defined and reduce a large tax burden on the cannabis industry.

Marijuana is currently listed as a Schedule I drug, along with heroin and LSD, meaning it is considered highly dangerous, illegal under federal law, and has no recognized medical use.

Moving it to Schedule III puts marijuana in the same category as Tylenol with codeine or anabolic steroids, allowing for accepted medical use and a lower potential for abuse, while keeping it regulated.

Experts say the change could save cannabis businesses money by allowing them to claim standard tax deductions, enable doctors to recommend medical marijuana, reduce certain criminal penalties and expand federal research. /CNA 

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