Trulieve ‘grateful’ for ‘bold and historic’ marijuana rescheduling

President Donald Trump’s push to reschedule pot from Schedule I to Schedule III is drawing praise from Florida’s biggest cannabis company.

“This bold and historic direction from President Trump represents long overdue change and a major milestone in cannabis reform,” said Trulieve CEO Kim Rivers.

“Trulieve is grateful for the decisive action taken by the Administration that acknowledges the medical benefits of cannabis, supports licensed and regulated operators, and allows law enforcement agencies to prosecute bad actors. We are committed to supporting the Administration throughout this process.”

Rivers has been central in encouraging Trump to move forward on a policy change that the industry has wanted for years.

Trump’s decision to urge Attorney General Pam Bondi to change policy would mean marijuana will be treated less like a dangerous drug and more like something with medical benefits.

Schedule I includes hard drugs, such as heroin, lysergic acid diethylamide (LSD), marijuana (cannabis), 3,4-methylenedioxymethamphetamine (ecstasy), methaqualone, and peyote.

Schedule III includes drugs with a “moderate to low potential for physical and psychological dependence,” like products containing less than 90 milligrams of codeine per dosage unit (Tylenol with codeine), ketamine, anabolic steroids, and testosterone.

For Trulieve, the move is significant. The company describes rescheduling as “an important first step in achieving practical common sense cannabis reform.”

“Moving marijuana to Schedule III opens the door for more robust research of medical marijuana, removes the punitive tax burden imposed by Section 280E of the tax code, and retains flexibility for law enforcement to target and punish illicit operators,” Trulieve said in a press release.

Section 280E is especially significant, given that cannabis companies have been frustrated in banking due to the plant’s Schedule I designation. Securities for Trulieve and other multi-state operators are traded over the counter currently, forcing many retail investors to have to buy ETFs for exposure to these historically volatile stocks.