Trump "looking at reclassification" of marijuana as less dangerous drug

Why it matters: Rescheduling could be a big step toward allowing the interstate trade of cannabis and would allow cannabis companies to deduct business expenses on their taxes, which would particularly help dispensaries that typically operate on very tight margins, per Axios' Dan Primack.

• And it would end cannabis research restrictions and could also provide legal protections for medical marijuana users who've run afoul of housing or employment rules.

What he's saying: "We're looking at reclassification and we'll make a determination ... I would say over the next few weeks," Trump said when asked about the WSJ report during a Monday briefing.

• "And that determination hopefully will be the right one. It's very complicated subject," Trump added.
• "I've heard great things having to do with medical, and I've heard bad things having to do with just about everything else."

State of play: The Biden Drug Enforcement Agency last year recommended that marijuana be reclassified as a Schedule III drug, like ketamine, anabolic steroids and testosterone. These drugs are deemed as "moderate to low potential for physical and psychological dependence."

• However, this was never enacted and marijuana remains a Schedule I drug, along with heroin and other substances that the DEA classifies as having "no currently accepted medical use and a high potential for abuse."

More from Axios:

• Seniors' marijuana use reaches new high
• Trying cannabis? Read this before you do
• Where marijuana is legal and for what use
• Cannabis THC levels keep getting higher, DEA data shows