U.S. President Donald Trump is considering reclassifying marijuana as a less dangerous drug and easing regulations, the Wall Street Journal (WSJ) reported on August 8 (local time).
Quoting people familiar with the matter, the WSJ reported that President Trump expressed interest in reclassifying marijuana at a fundraising event held earlier this month at a golf club in New Jersey.
If realized, this measure would make marijuana sales easier and increase the profitability of related businesses. In the United States, the purchase of medical or recreational marijuana is legal in some regions. The key issue is whether marijuana will be classified as a "Schedule III drug." In this case, marijuana would not be fully legalized, but related regulations would be relaxed. Some marijuana companies could also benefit from tax relief and additional support for medical research.
Among the attendees at the event was Kim Rivers, CEO of Trulieve, one of the largest marijuana product companies in the United States. Rivers reportedly urged President Trump to pursue policy changes and expand research on medical marijuana. President Trump expressed interest after hearing her remarks and is said to have conveyed this to his staff. Other attendees included the CEO of pharmaceutical company Pfizer, executives from cryptocurrency firms, and political advisors close to President Trump.
This event was part of a campaign organized by related companies to advocate for the reclassification of marijuana. The previous Joe Biden administration also pursued this measure, but it was not implemented. These companies have donated millions of dollars to political groups supporting President Trump and have hired top lobbyists in Washington as well as Trump’s close associates. However, after failing to gain traction in other government departments, they approached President Trump directly.
Senior U.S. government officials have stated that related discussions are ongoing within the administration, but it remains unclear what final decision President Trump will make. President Trump himself is reportedly not supportive of marijuana use. After his brother died of alcoholism at the age of 42, he became acutely aware of addiction issues and does not drink alcohol or smoke.
However, one official noted that President Trump is interested in addressing so-called "80-20 cultural issues" like marijuana, which are supported by 80% of the public. People close to President Trump also said that he has mentioned friends in New York who used medical marijuana for pain relief.
© The Asia Business Daily(www.asiae.co.kr). All rights reserved.
