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.
[PRESS RELEASE] – BOULDER, Colo., Aug. 18, 2025 – Canopy USA LLC, a brand-driven organization strategically positioned across the fastest-growing states and highest potential segments of the U.S. cannabis market, announced the appointment of a new executive team responsible for driving the company’s next phase of expansion.
Drawing on extensive industry experience, these leaders will steer Canopy USA forward through a shared vision to elevate the company’s brand portfolio, enhance day-to-day operations and execution, and advance growth initiatives across multiple state markets.
Casey Rash, chief financial officer, will oversee centralized functions including finance, human resources and IT. Rash brings deep expertise in regulated industries and a strategic approach to driving organizational scale and efficiency.
Rebecca Kirk, chief operating officer, will lead the company’s operations, innovation and legal teams. Known for building scalable systems and launching category-leading products, Kirk will play a critical role in driving Canopy USA’s performance across its value chain.
Kelly Flores, chief business development officer, will be responsible for marketing, market expansion and product strategy. With a proven track record in cannabis commercialization, Flores will guide brand development and strategic growth initiatives in both existing and emerging state markets.
“These leadership appointments mark the start of a plan to capture growth in the U.S. cannabis market,” Canopy USA President Brooks Jorgensen said. “Within the best of each Acreage, Jetty and Wana, we’ve been aligning systems, teams and processes across markets to create a scalable, efficient organization. With our leadership team now in place, we’re moving forward with purpose.”
Canopy USA’s platform is built to deliver consistent quality, innovative products and trusted brands to consumers and retail partners nationwide. By combining deep market expertise with a focus on execution, the company aims to set the standard for growth and leadership in the evolving U.S. cannabis industry.
Adult-use cannabis sales in Washington state have been falling for five years, according to Department of Revenue data reported by KHQ.
First-quarter sales in 2025 reached $277 million, which is nearly $100 million less than the market’s peak during the pandemic in 2021. Based on current trends, annual cannabis sales this year could be the state’s lowest since 2019 after five straight years of declining sales in Washington.
Regulators attribute the decline to oversupply issues, which drive prices down and make it more difficult for licensees to turn a profit.
Officials with the state Liquor and Cannabis Board (LCB) recently announced the largest expansion of cannabis dispensaries since the market’s launch over a decade ago, offering up to 52 new retail social equity licenses.
Meanwhile, a report from the state’s legislative auditor found that “Washington businesses produced two to three times more cannabis than retailers sold in 2023,” and that “inaccurate and incomplete data” had hampered regulators’ capacity for “data-driven regulation.”
The auditcalls on the LCB to submit a plan to lawmakers by December 31, 2025, containing strategies to improve data accuracy.
Based in Portland, Oregon, Graham is Ganjapreneur’s Chief Editor. He has been writing about the legalization landscape since 2012 and has been contributing to Ganjapreneur since our official launch in…
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During an interview with Delaware Public Media, Gov. Matt Meyer (D) also discussed a conversation he had with Colorado Gov. Jared Polis (D) about regulating the marijuana industry, drawing a contrast between their respective responsibilities given the fact that Colorado is much larger with more local jurisdictions to interact with compared to Delaware, which has just three counties.
Delaware’s adult-use cannabis market launched at the beginning of this month, but legislation awaiting Meyer’s action would make a key change related to local control of where marijuana businesses could operate. And the governor has indicated he’s still wavering on the proposal.
Asked about the fate of the bill from Sen. Trey Paradee (D), who also championed the state’s legalization legislation, Meyer said: “Stay tuned. You’ll hear soon. We will be taking action very shortly.”
“Listen, I have local government background. I don’t think it’s appropriate that, when state government likes local government regulation, they say, ‘Yeah, we support it,’” the governor said. “And when they don’t like local government regulation, they overrule it.”
“At the same time, it’s important for communities that this moves forward,” he said, referring to the implementation of the adult-use cannabis market.
The response didn’t clearly indicate where Meyer currently stands on the proposal, but he also said it’s “always on the table” that he could allow the bill to take effect without his signature.
“I was talking to Governor Polis of Colorado about marijuana regulation just the other day and he’s just like, ‘Just let the counties do it.’ He has too many counties to know,” Meyer said. “I was asking, ‘What’s the regulation of counties?’ He’s like, ‘I have no idea.’ He’s like, ‘Some do it, some don’t. I don’t really know.’”
The Delaware Public Media host said: “But he’s not going to run into the problem, though, where if there’s enough zoning laws, there’s literally no place to put the facilities. That’s probably not a problem for him.”
The governor agreed, saying “Colorado is much larger” with a “three-mile [zoning] limitation from schools,” which would be less feasible in the smaller state of Delaware. “We’re going to see what we can do,” he said.
On the topic of broader regulatory responsibilities, Meyer said the state is “very lucky” that the Office of the Marijuana Commissioner (OCM) is headed up by someone who comes from outside of Delaware who is “one of the leading thinkers on this issue.”
“He looks at it from a business and community aspect, whereas traditionally Delaware has looked at it as a public safety issue,” the governor said. For his part, Meyer said revenue generated from cannabis taxes is “clearly third” on his list of reasons to support legalization.
The first priority, he said, is ensuring that “communities are sustainable and they’re safe and they’re protected.”
“I think there’s a lot of concern in communities. I have small children. What are we doing? Do we want this thing all around our kids? I don’t know how many of you have been to New York or San Francisco lately, but you go outside and there’s that stench,” he said. “That’s not Delaware. We’re doing everything to make sure that we continue to retain the same communities we have.”
“We also have a historic obligation. Marijuana and marijuana enforcement in this state has not been equitable. There are people in our communities today, almost all Black and brown people, who have been imprisoned for years and years for using and selling marijuana, where people of different colors of skin have not had that same experience. We need to make sure we use whatever revenue we have to address that historic wrong going forward.”
“We’re continuing to watch and monitor to make sure communities are being protected as this economic opportunity grows and make sure people are safe,” Meyer said.
While marijuana revenue might be “third” on his list, the governor recently touted the state’s first “successful” weekend of adult-use cannabis sales, with total purchases for medical and recreational marijuana totaling nearly $1 million—and compliance checks demonstrating that the regulated market is operating as intended under the law.
Delaware’s first adult-use marijuana shops officially opened for business on August 1, with a handful of existing medical cannabis operators able to service consumers 21 and older.
Ahead of the sales roll-out, the governor last month toured one of the state’s cannabis cultivation facilities, praising the quality of marijuana that’s being produced, which he said will be the “French wine of weed.”
Dozens of other would-be retailers that have either already received licenses or are still awaiting issuance will need to wait for further regulatory approvals until they can open their doors—a situation that’s frustrated some advocates.
The idea is to identify any hiccups that lawmakers might need to address when they return for next year’s legislative session.
OCM initially projected that recreational sales would start by March, but complications related to securing an FBI fingerprint background check service code delayed the implementation. Lawmakers passed a bill in April to resolve the issue, and the FBI subsequently issued the code that the stat’s marijuana law requires.
A total of 125 licenses will ultimately be issued, including 30 retailers, 60 cultivators, 30 manufacturers and five testing labs. Last year, regulators also detailed what portion of each category is reserved for social equity applicants, microbusinesses and general open licenses.
The then-governor last year signed several additional marijuana bills into law, including measures that would allow existing medical cannabis businesses in the state to begin recreational sales on an expedited basis, transfer regulatory authority for the medical program and make technical changes to marijuana statutes.
The dual licensing legislation is meant to allow recreational sales to begin months earlier than planned, though critics say the legislation would give an unfair market advantage to larger, more dominant businesses already operating in multiple states.
The policy change removes limitations for patient eligibility based on a specific set of qualifying health conditions. Instead, doctors will be able to issue cannabis recommendations for any condition they see fit.
The law also allows patients over the age of 65 to self-certify for medical cannabis access without the need for a doctor’s recommendation.
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