Tim Barash, Chairman and CEO, Dutchie, and Co-chair, Coalition for Cannabis Scheduling Reform
“Moving cannabis to Schedule III represents a fundamental shift in how the federal government and society at large view the plant, transforming the way the cannabis industry operates. This change will empower the 425,000 people working in the US cannabis industry and bring in new talent, capital, and awareness to an industry that has a positive impact on millions of people’s lives.
“At Dutchie, we’ve worked tirelessly alongside our customers and partners toward this outcome for years, putting thousands of hours and millions of dollars towards cannabis policy reform as co-chairs of the Coalition for Cannabis Scheduling Reform. One of the most immediate impacts of rescheduling is the end of the 280E tax penalty, removing a long-standing barrier to growth. This change will also bring in large institutions and services across the business and banking world, allowing this major US industry to have the same support as the rest of our economy. When federal policy catches up to reality, it changes how consumers, families, and patients think about cannabis. That matters just as much as the business impact.”
Brooks Jorgensen, President, Canopy USA
“Today’s decision to reclassify cannabis marks a significant step forward in modernising U.S. federal cannabis policy and advancing a regulated, responsible market. Rescheduling provides greater regulatory clarity for operators and helps unlock a more sustainable business environment, supporting access to research, improving patient care, and expanding safe, regulated options for consumers. It also represents meaningful progress toward aligning federal policy with state-regulated markets that are already serving millions of Americans. Canopy USA is well positioned for this next phase, with established operations and leading brands including Jetty, Wana, and Acreage. We’ve built our platform with a focus on compliance and quality, and we believe continued policy progress strengthens the foundation for long-term value creation across the U.S. cannabis sector.”
Scott Davido, CEO, Ayr Wellness
“Ayr Wellness applauds the historic executive order from President Trump to reclassify cannabis from Schedule I to Schedule III. This marks a major step towards unlocking further research into the medical efficacy of cannabis and allowing fair tax treatment for the cannabis industry. Our industry is one of the fastest-growing sectors of the U.S. economy, employing more than 400,000 Americans. Alongside our peers, we continue to advocate for further cannabis reform federally and at the state level, which we believe will be spurred by today’s historic decision.”
Raj Grover, Founder and CEO, High Tide
“This Executive Order marks one of the most consequential steps forward in U.S. federal cannabis reform in more than 50 years. While rescheduling isn’t full legalization, the President’s announcement regarding Medicare reimbursements for CBD products represents a particularly important development, signaling growing bipartisan momentum toward more common-sense cannabis and CBD policy.
“High Tide has successfully scaled a differentiated retail model across multiple jurisdictions and remains well positioned for the opportunities ahead, particularly in the hemp-derived CBD category. Our leading U.S. CBD brands, NuLeaf Naturals and FAB CBD, are developing Medicare-aligned product categories to support potential inclusion within Medicare Advantage supplemental benefits, building on our existing CGMP-certified operations and large direct-to-consumer customer base. In parallel, we are exploring potential structures that may allow us to expand Canna Cabana into the U.S. through licensing, while maintaining compliance with our NASDAQ and TSXV listings. With approximately four million U.S. customers already in our database, we see meaningful long-term potential across both federally compliant CBD wellness and regulated cannabis markets.”
Boris Jordan, Founder, Chairman and CEO, Curaleaf
“Thank you, President Trump, for moving forward with rescheduling cannabis to Schedule III. This action is a landmark moment for our industry and the country. President Trump’s action is the most impactful move taken around the cannabis plant since its prohibition 55 years ago. We applaud the Trump Administration for boldly acknowledging what science, patients, and the industry have known for years: Cannabis has real medical value and never belonged in Schedule I in the first place.
“President Trump promised action and he delivered. Rescheduling will expand research, ensure broad medical access, protect young people and patients from the illicit market, drive investment, and address outdated tax policies that punish legal operators. It’s a win for public health, the economy, and common sense.”
Sam Brill, CEO and Director, Ascend Wellness Holdings
“The move to reschedule cannabis from Schedule I to Schedule III marks a critical advancement for society, public safety, and access for patients across the United States. Recognising the medicinal benefits of cannabis paves the way for expanded research, informed policymaking, and more consistent access to safe, regulated products for those who need them most.
“We commend the Trump administration for taking this long-overdue, commonsense, and data-driven step forward. We are optimistic that continued progress will support a transparent and regulated framework that protects individual liberties, enhances public health, fosters a well-regulated market, and drives domestic employment and economic growth.”
Wendy Bronfein, Co-Founder, Chief Brand Officer and Director of Public Policy, Curio
“After years of empty promises and political posturing around cannabis reform, today’s announcement from President Trump marks a real turning point.
“This decision recognises what patients, veterans, seniors, and families across the country already know: responsible cannabis policy can help reduce reliance on opioids, give people safer options to manage pain, and improve health outcomes and quality of life. It also ensures that legal, regulated businesses are treated fairly under federal law.
“What makes today especially meaningful is that it’s informed by years of rigorous work from leading experts in medicine, pharmacology, and public health—including members of Curio’s Scientific Board, who have contributed trusted, evidence-based insight from both the U.S. and abroad. Their research and engagement helped ensure policymakers were equipped with credible data, not ideology.
“We’re grateful to President Trump for following the facts, putting consumers first, and taking decisive action to modernize cannabis policy in a way that is practical, compassionate, and long overdue.”
Cy Scott, Co-Founder and CEO, Headset
“Moving cannabis to Schedule III would have immediate, real-world consequences for operators, particularly at a moment when the industry is under historic financial pressure. Legal cannabis margins have been steadily compressed over the past several years, leaving retailers with far less room to absorb fixed costs and punitive taxation.
“In that environment, 280E is not an abstract policy issue. It directly determines whether many otherwise healthy, well-run businesses can stay open. Because the tax effectively applies to gross profit rather than true operating income, a significant share of cannabis retailers today are operating at or near breakeven after federal taxes. Removing 280E would create an instant improvement in cash flow, allowing operators to stabilize their businesses rather than simply survive quarter to quarter.
“From a data perspective, this is why rescheduling matters now. The industry does not need symbolism, it needs relief that reflects current market realities. Improved cash flow would translate into fewer store closures, more consistent staffing, better pricing discipline, and a more sustainable legal market overall.”
Andrew Berman, CEO, Arcana Collective
“As a collective of legacy breeders, we have known from decades of experience with the plant, not policy memos, that cannabis has real health benefits and never belonged as a Schedule I substance in the first place. While federal legalization remains the long-term goal, rescheduling represents a meaningful step forward and has the potential to ease some of the structural challenges that have held the industry back, including relief from 280E. It may also encourage greater access to banking and invigorate renewed interest for investment across the sector.
“At the same time, rescheduling still leaves important questions unanswered. It could encourage larger pharmaceutical or tobacco interests to enter the space, and it remains to be seen how that will impact legacy operators and the culture that built this industry. Net/net, this is not the finish line, but it is real progress. We are encouraged by the momentum and hope that this step helps move the industry toward a future that still makes room for the people who have always believed in this plant.”
Kyle Sherman, Founder and CEO, Flowhub
“Reclassifying cannabis to Schedule III is a meaningful win in the fight to end the failed War on Drugs. This is a step in the right direction towards full destigmatization of cannabis and removes roadblocks for operators that have held the industry back from reaching its full potential.
“One of the biggest barriers has been 280E, an outdated tax policy that’s crushed plant-touching companies for years. Now, businesses will finally have the opportunity to become profitable and reinvest capital into hiring and growth. With more cash on hand, fewer businesses will face insolvency. We’ll see a healthier cannabis economy and a resurgence of investment in the space. More traditional financial institutions will be willing to work with the industry, and more patients will have access to cannabis as medicine.”
Marc Beginin, Founder and CEO, Prodigy Processing Solutions
“Rescheduling cannabis to Schedule III is a long-overdue step toward aligning this industry with science, public demand, and common sense. It removes barriers that have slowed investment and innovation, opening the doors to comprehensive research into the plant’s therapeutic potential, more equitable tax treatment for operators, and meaningful engagement from the pharmaceutical and life-sciences communities. Most importantly, consumers stand to benefit from safer, more consistent products built on enforceable GMP standards.
“At Prodigy, we’ve spent years engineering systems that meet FDA and EU GMP benchmarks so operators are prepared not only for federal oversight, but for the global pharmaceutical opportunities that will shape the next decade of cannabis.”
Alana Malone, Co-Founder and CEO, Green Dot Labs
“With President Trump’s decision to reschedule cannabis to Schedule III, the plant’s established medical benefits and lower risk profile are now formally recognised, aligning federal law with scientific evidence and the proven success of state markets that balance product safety and consumer protection through responsible regulations.
“For legacy brands like Green Dot Labs, founded in Colorado—one of the nation’s first legal cannabis markets—this shift represents important progress after more than a decade navigating an uncertain federal landscape. It begins to address long-standing barriers such as limited access to banking and significant tax burdens, while opening the door to increased investment in research, innovation, and product development. We look forward to a federal framework that supports access to banking, sustainable industry growth, and patient and consumer access—while building on the progress made at the state level since the early 2000s.”
Jonathan Miller, General Counsel, US Hemp Roundtable
“The U.S. hemp industry is deeply grateful to President Trump for issuing his strong pro-hemp Executive Order today. While the headlines of the announcement will focus on marijuana rescheduling—which is a positive in itself, for any cannabis reform benefits the entire plant—we are especially pleased to see the provisions that direct the White House staff and urge Congress to ensure access to hemp-derived, full-spectrum CBD products, a lifeblood of the industry. We are also thrilled to see the development of a model that would allow a number of Medicare beneficiaries to receive CBD under doctor recommendation at no cost.
“We consider this Executive Order to be a direct rebuke to the hemp ban that was malignly attached to legislation that reopened government. This also gives strong impetus to efforts to extend the ban’s moratorium an additional 18 months to allow proper time for Congress and the Trump Administration to develop the regulatory framework that ensures the safe provision of hemp products while cracking down on the bad actors peddling the unsafe products that the Executive Order calls out.
“We look forward to working with the President, his staff, HHS, and Congress in the coming months to ensure the bipartisan vision of a safe, legal, and regulated hemp extract industry.”
Jasmine Johnson, CEO, GŪD Essence
“Federal rescheduling marks a long-overdue shift toward treating cannabis as the medical, economic, and community issue it truly is—not a criminal one. This change opens the door for real scientific research, fairer taxation, and more sustainable operations for licensed operators who have been building responsibly despite outdated federal barriers.
“For patients, rescheduling means better access, more consistent standards, and products backed by research instead of stigma. For operators like us, it allows reinvestment into jobs, education, and community infrastructure rather than navigating a system designed to penalise compliance.
“Rescheduling alone is not the finish line—but it is a critical foundation. The next step must be ensuring that small, minority-owned, and legacy-rooted businesses are not left behind as the industry evolves. If done thoughtfully, this moment can finally align public policy with public reality and create a cannabis industry that is safe, equitable, and economically sound.”
Paula Savchenko, Founding Partner, Cannacore Group and PS Law Group
“President Trump’s decision to reschedule marijuana to Schedule III reflects a long-overdue acknowledgement of reality: cannabis has recognised medicinal value, is used responsibly by millions of Americans, and should be governed by science, not stigma.
“For decades, federal cannabis policy has been untethered from medical evidence and economic common sense. Schedule III status aligns federal law more closely with how cannabis is actually used in medical practice, research, and regulated markets across the country. This shift opens the door to expanded clinical research, clearer regulatory pathways, and a more rational national framework.
“Rescheduling marijuana to Schedule III is not just a cannabis policy shift; it is a pivotal moment for the hemp industry. For years, hemp operators have functioned in a fragmented and often contradictory regulatory environment, despite Congress’s clear intent in the 2018 Farm Bill to legalise hemp and its derivatives. Marijuana rescheduling has the potential to bring long-needed clarity, stability, and legitimacy to the broader cannabinoid marketplace, if implemented correctly.
“When federal policy begins to acknowledge that cannabis has medicinal value and can be regulated responsibly, it strengthens the argument that hemp-derived cannabinoids should be governed by science, manufacturing standards, and consumer safety, not arbitrary enforcement or shifting interpretations.”
Tyler Cartwright, Co-Founder, Partner and Chief Operating Officer, Higher Standard
“Higher Standard welcomes the decision by the federal government to reschedule cannabis from Schedule I to Schedule III. This move represents long-overdue recognition that cannabis has legitimate value and does not belong in the same legal category as substances such as heroin. The growing body of scientific and clinical evidence supporting cannabis as both a primary and adjunctive tool in care has been clear for years, and this step brings federal policy closer to reality.
“That said, rescheduling is not the end of the conversation. It is the beginning of a necessary reckoning with how cannabis and hemp are treated under U.S. law.
“Cannabis and hemp are the same plant, taxonomically and biologically. For years, companies across both sectors have developed products that help people manage pain, sleep, anxiety, focus, and overall quality of life, often in the absence of any meaningful federal guidance. As policymakers move forward, we urge the administration and Congress to address three critical issues to ensure this transition is fair, coherent, and future-proof.
“First, intellectual property and market protections must be modernised to prevent the displacement of existing operators by large pharmaceutical interests. Companies that have responsibly developed cannabinoid-based products under existing law should not be wiped out simply because deep-pocketed firms are now pursuing FDA pathways. Innovation should be rewarded, not erased.
“Second, federal policy must resolve the growing contradiction between marijuana rescheduling and the simultaneous effort to prohibit intoxicating compounds derived from hemp. Treating the same plant as both medically legitimate and categorically suspect depending on paperwork rather than chemistry is untenable. A unified, science-based framework for cannabinoids is essential for regulatory clarity, consumer safety, and economic stability.
“Finally, we urge lawmakers to acknowledge the human cost of decades of prohibition. As the federal government formally recognises the medical value of cannabis, it must also address sentencing disparities and the lasting harm done to growers, non-violent sellers, and advocates who were punished for activities now being validated. Equity cannot be an afterthought.
“Higher Standard supports evidence-based cannabis policy that protects consumers, respects existing businesses, and reflects scientific reality rather than political convenience. We look forward to continued dialogue with regulators and stakeholders as this transition unfolds.”
Nicolas Guarino, Co-Founder and CEO, Jaunty, and Co-Founder, Empire Cannabis Manufacturers Alliance
“Rescheduling is a critical step toward fully integrating cannabis into the mainstream economy – one that most Americans already recognise as legitimate. Section 280E of the IRS tax code has been one of the greatest burdens on operators across the supply chain, but rescheduling would allow cannabis businesses to be taxed like any other legal industry, freeing up billions of dollars that can be reinvested into operations, innovation, and long-term growth. It would also help level the playing field, finally giving responsible operators who have played by the rules a fair shot to compete and succeed.
“However, the most immediate impact would be felt in medical markets. Adult-use markets in 24 states and D.C. would still face significant federal limitations that hinder the industry from reaching its full potential. We’re hopeful that this decision marks a progressive and landmark decision – one that sets a clear precedent and helps advance improved measures like SAFE Banking, increased access to logistic providers and to capital, and ultimately, federal legalisation.”
