Trump administration’s pot rescheduling not necessarily a sure thing

Bills to cap pot potency were stamped out. Image via AP.

While buzz is heavy that the Donald Trump administration intends to reschedule marijuana, the White House isn’t necessarily ready to move forward.

Florida Politics is hearing that, as of Sunday morning, frustration is mounting in the White House about people or companies jumping the gun and pressuring the administration through the press.

While a policy process is moving forward, there will first be a recommendation for the President, which he will then evaluate. But the time frame for any decision is as yet undetermined.

These insights, particularly regarding strategic leaks and potential unintended consequences thereof, add a wrinkle to a narrative that has been bullish about cannabis rescheduling.

Reports in major outlets have buoyed the heavily beaten-down stocks in the multi-state operator sector in recent weeks, with enthusiasm mounting about the President making a move ahead of the midterm elections next year … or sooner.

The Wall Street Journal reported last week that Trump told donors at a New Jersey fundraiser that he was interested in changing the current Schedule I classification for weed, perhaps to Schedule III. CNN also reported that a report is at the highest levels of the administration, further stoking the narrative.

As a candidate for re-election, Trump aligned himself with pro-legalization pushes, notably Florida’s Amendment 3 supporting marijuana legalization that Gov. Ron DeSantis and anti-pot forces ultimately succeeded in defeating by holding it under the required 60% support to pass.

“As we legalize it, I start to agree a lot more because it’s being legalized all over the country,” Trump said last August.

Pot proponents will be watching the White House for any smoke signals. However, they may not want to get high on their own supply just yet, if our sourcing is correct.

And of course, the ultimate decision and announcement will be made by the President at a time of his choosing.