**Partial rescheduling of certain marijuana products to Schedule III occurred in April 2026 via Acting Attorney General order, following a December 2025 executive order directing expedited action.** The broader rulemaking for all marijuana forms advanced to an administrative hearing that ran from June 29 to mid-July 2026, with selected participants largely opposing the change and some pro-rescheduling parties excluded. Post-hearing, the DEA and Department of Justice must complete the formal rulemaking process, which includes potential further review, public comments, and possible legal challenges before a final rule takes effect. These procedural steps, combined with the hearing's limited participant pool and historical timelines for Controlled Substances Act amendments, have kept trader-implied probabilities for full rescheduling by year-end in the low-to-mid 20s percent range. Key upcoming milestones include the DEA's post-hearing determination and any subsequent Federal Register actions that could accelerate or extend the timeline.