Donald Trump has announced his administration is “looking at” reclassifying marijuana to a less severe category, a move that could reshape the multibillion-dollar industry. Currently, marijuana is a Schedule I controlled substance—illegal at the federal level and grouped with heroin, LSD, and ecstasy—meaning it’s considered to have a “high potential for abuse” and “no accepted medical use.”

Despite this, 24 states and Washington, D.C., have fully legalized marijuana, while others allow it only for medicinal purposes. Reclassifying it to Schedule III, which includes drugs like ketamine and anabolic steroids, would not fully legalize it nationwide but would ease restrictions, open opportunities for medical research, and allow tax benefits for marijuana businesses.

Experts say the change could “take marijuana out of the underground illegal market” and into regulated, tested, and taxed channels. This shift could ensure safer products and generate new revenue streams.

Trump said a decision will come “over the next few weeks,” calling it a “very complicated subject.” He acknowledged hearing “great things” about medical uses but also negative views on recreational use, adding, “Some people like it, some people hate it.”

Research on marijuana’s benefits and risks remains ongoing.