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Trulieve Cannabis Corp. (CSE: TRUL) (OTCQX: TCNNF) said it applauds the rescheduling of medical marijuana to Schedule III under the Controlled Substances Act, calling it a meaningful step toward federal cannabis reform.
“The Administration is delivering on its promise to address long overdue cannabis reform by rescheduling medical marijuana,” said Trulieve Chief Executive Officer Kim Rivers. “President Trump and Attorney General Blanche have, through this final order, completed the first ever meaningful policy shift related to cannabis in the history of America. By rescheduling medical marijuana to Schedule III, American-led research, utilizing products that Americans are consuming, can begin in earnest and will shape the future state of cannabis in this country. Trulieve welcomes this decisive action to more closely align federal policy with current medical practice and state laws.”
Trulieve said the reclassification of marijuana to Schedule III does not legalize marijuana. The company described the change as an initial step that it said can support common-sense reform by enabling more robust research, providing a pathway for registration, and removing the punitive tax burden imposed by Section 280E of the tax code.
The company said the final order was issued under the authority of the Attorney General pursuant to the United Nations Single Convention on Narcotic Drugs. Trulieve noted that the order reschedules any FDA-approved marijuana products and state-licensed medical marijuana products.
Trulieve also said the department announced the continuation of a rulemaking process that began in 2024 to reschedule marijuana, which it said contemplates an expedited timeline with a planned hearing this summer.
Trulieve said moving marijuana to Schedule III acknowledges medical benefits and eases restrictions on conducting medical research in the U.S. The company added that clinical studies using medical marijuana available through state-licensed operators can produce results more comparable to real-world applications.
Trulieve said the final order provides an expedited process for state-licensed medical marijuana operators to obtain a manufacturer, distributor, and/or dispenser registration.
Trulieve said Section 280E was implemented to prohibit drug traffickers selling Schedule I or Schedule II substances from taking tax deductions for ordinary business expenses. The company noted that, as stated in the final order, Section 280E does not apply to Schedule III substances.
Trulieve is a vertically integrated cannabis company and multi-state operator in the U.S., with hubs in the Northeast, Southeast, and Southwest, anchored by markets in Arizona, Florida, Ohio, and Pennsylvania. The company said it serves customers with branded products and experiences, and that its hub strategy supports targeted expansion.
Trulieve is listed on the CSE under the symbol TRUL and trades on the OTCQX market under the symbol TCNNF. For more information, visit Trulieve.com.
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