Cannabis Rescheduling fervour has once again reached dramatic levels following media reports that President Donald Trump is considering pushing through the long-touted move via an executive order.
This familiar hype cycle was given rocket boosters on Monday (December 15) after President Donald Trump addressed the rumours during an Oval Office press briefing.
He told reporters during the signing ceremony: “We are considering that, because a lot of people want to see it, the reclassification, because it leads to tremendous amounts of research that can’t be done unless you reclassify. So we are looking at that very strongly.”
This is the second time this year Trump has told reporters his administration was considering the issue, which has been on ice since late last year, stating in August that a decision would be made ‘over the next few weeks’, a decision that never came.
What happened?
The comments followed reports from The Washington Post and CNN that Trump held a December 9 meeting in the Oval Office with cannabis industry executives, including Kim Rivers of Trulieve and Jim Hagedorn of Scotts Miracle-Gro, alongside Health Secretary Robert F. Kennedy Jr. and Medicare chief Mehmet Oz.
Rivers has been lobbying the Trump administration since before the inauguration, attending exclusive pre-inauguration events, including a $500,000-per-ticket VIP dinner for JD Vance.
During the meeting, Trump reportedly phoned House Speaker Mike Johnson, who expressed opposition to the plan, but the president left the meeting intent on moving forward.
Sources told CNN the White House has been in discussions with industry groups about an announcement as early as this week, though a White House official confirmed to journalists that ‘no final decisions have been made.’
Stocks see a familiar spike
Cannabis stocks, as seen repeatedly following any talk of rescheduling from White House officials, enjoyed massive gains before correcting on Monday.
According to Business of Cannabis’ cannabis stock tracker, major US multi-state operators saw explosive gains over the 10-day period encompassing both Friday’s rally and Monday’s subsequent selloff. Terrascend surged 69.62%, Curaleaf jumped 57.94%, Cresco Labs gained 55.50%, and Trulieve climbed 53.73%.
Canadian licensed producers followed a similar pattern, with Tilray Brands rising 53.75% and Canopy Growth gaining 35.34% over the same period. Cannabis-focused ETFs also saw dramatic movement, with the AdvisorShares Pure US Cannabis ETF (MSOS) up 44.99% and the Amplify Seymour Cannabis ETF (CNBS) climbing 46.32%.
However, these figures mask the dramatic intraday volatility. Following the initial Washington Post and CNN reports on Friday, stocks exploded upward, with some gaining over 50% in a single session. By Monday, following Trump’s confirmation, the euphoria had evaporated with major operators falling between 4% and 13% according to Reuters, though they remained elevated from pre-rally levels.
His lukewarm Monday statement, describing cannabis as ‘a very complicated subject’ and noting ‘some people like it, some people hate it,’ provided little clarity on whether the administration will actually move forward or what form any action might take.
US Multi-State Operators (MSOs)
| Ticker | Name | Price | 10D % Change | 10D Sparkline | 100D % Change | 100D Sparkline |
|---|---|---|---|---|---|---|
| AYRWF |
Ayr Wellness Inc
AYRWFExchange: CANADIAN NATIONAL STOCK EXCHANGE Currency: USD Market cap: 18.11B |
0.02 | +4.76% | -38.89% | ||
| VRNOF |
Verano Holdings Corp
VRNOFExchange: AEQUITAS NEO EXCHANGE Currency: USD Market cap: 2,170.08B |
1.29 | +6.45% | -22.35% | ||
| CURLF |
Curaleaf Holdings Inc
CURLFExchange: TORONTO STOCK EXCHANGE Currency: USD Market cap: 2,926.44B |
2.66 | +7.17% | -15.77% | ||
| TCNNF |
Trulieve Cannabis Corp
TCNNFExchange: CANADIAN NATIONAL STOCK EXCHANGE Currency: USD Market cap: 2,381.83B |
8.58 | +5.02% | -3.60% | ||
| CRLBF |
Cresco Labs Inc
CRLBFExchange: CANADIAN NATIONAL STOCK EXCHANGE Currency: USD Market cap: 836.45B |
1.28 | +6.31% | -7.91% | ||
| GTBIF |
Green Thumb Industries Inc
GTBIFExchange: CANADIAN NATIONAL STOCK EXCHANGE Currency: USD Market cap: 2,649.39B |
8.09 | +2.41% | -8.71% | ||
| TSNDF |
Terrascend Corp
TSNDFExchange: TORONTO STOCK EXCHANGE Currency: USD Market cap: 413.25B |
0.79 | +4.95% | -31.74% | ||
| AAWH |
Ascend Wellness Holdings Inc
AAWHExchange: CANADIAN NATIONAL STOCK EXCHANGE Currency: USD Market cap: 143.66B |
0.68 | -2.86% | -6.85% | ||
| JUSHF |
Jushi Holdings Inc
JUSHFExchange: CANADIAN NATIONAL STOCK EXCHANGE Currency: USD Market cap: 161.29B |
0.58 | -6.75% | -24.68% | ||
| VEXTF |
Vext Science Inc
VEXTFExchange: CANADIAN NATIONAL STOCK EXCHANGE Currency: USD Market cap: 68.11B |
0.19 | +11.10% | -1.67% | ||
| GLASF |
Glass House Brands Inc
GLASFExchange: AEQUITAS NEO EXCHANGE Currency: USD Market cap: 477.52B |
8.72 | -1.50% | +5.79% | ||
| HITI |
High Tide Inc
HITIExchange: TSX VENTURE EXCHANGE - NEX Currency: CAD Market cap: 306.63B |
2.55 | -7.27% | -26.93% |
Unlike former President Joe Biden, who initiated the process in 2020 by directing his cabinet to review cannabis scheduling but never ordered agencies to actually reschedule, Trump could theoretically direct Attorney General Pam Bondi to issue a final rule directly.
The Controlled Substances Act vests the Attorney General with authority to reschedule drugs, a power traditionally delegated to the DEA but which legal experts argue the AG can reclaim.
This would bypass DEA Administrator Terrance Cole and avoid the procedural tangle that stalled Biden’s effort after becoming bogged down in administrative hearings, improper communications between the DEA and anti-rescheduling groups, and an interlocutory appeal that sidelined the entire process in January 2025.
However, even if Trump issues an executive order, the DEA rulemaking process, with required comment periods, hearings, and reviews, could stretch well into 2026 or beyond, conveniently allowing immediate political wins like 280E relief while back-loading more disruptive regulatory requirements until after the midterm elections.
Industry skepticism remains widespread. Josh Kesselman, publisher of High Times, said that while rescheduling represents “a decent start,” it falls far short of meaningful reform. “We fear this will lead to large, mega corporate donors getting control of cannabis and furthering draconian laws,” he said.
Sasha Nutgent, VP of Cannabis Retail at Housing Works Cannabis Co, was more optimistic: “As it stands today with the current classification, retailers are not incentivized to operate legally. Reclassification would change that for thousands of businesses.”
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