Key Points
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A congressman filed, for the fourth time in a row, a bill that would “reschedule” cannabis.
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This could be intended to prod President Trump into using his authority to effect the change.
The halting, stop-and-go journey that is American marijuana legalization seemed to pass through a green light on Wednesday. As a result, the shares of one of the more prominent multistate operators in the sector, Curaleaf (OTC: CURLF), motored to a gain of more than 10% on the day. That compared most favorably to the sluggish (0.3%) rise of the S&P 500 index that trading session.
A new push for rescheduling
President Trump is currently mulling a proposal to, on the federal level, reclassify marijuana as a less harmful drug — at least, he said so in a press briefing on Monday. Meanwhile, on Wednesday, a Republican congressman quadrupled down on a legislative effort to get that job done.
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Greg Steube of Florida filed a bill he’s sponsoring, the “Marijuana 1-to-3 Act,” for the fourth session in a row. The name references the “schedules” used by the Drug Enforcement Agency, from 1 (for the most harmful drugs with minimal medical value) to 5 (least harmful). The proposed rescheduling of pot would knock it down from 1 to 3 within 60 days of the bill’s passing, effectively legalizing it.
Steube has been an advocate for reform for years. In 2019, he said that if the restrictions on marijuana are loosened, “the opportunities for research and study are drastically expanded.”
Legalize it, say Americans
Leaning toward legalization is a clever stance for a politician to take, as there is very broad public support for reform of the federal government’s harsh, rigid stance on the drug. According to a 2024 survey conducted by Gallup and cited by PBS News, support for legalization has risen dramatically, to 68% last year from 36% in 2005.
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Eric Volkman has no position in any of the stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy.