**President Trump’s December 2025 executive order directed the Attorney General to expedite marijuana rescheduling from Schedule I to Schedule III under the Controlled Substances Act.** In April 2026, the Department of Justice immediately moved FDA-approved products and state-licensed medical marijuana into Schedule III while launching a new expedited DEA administrative hearing on broader rescheduling. That hearing began June 29, 2026, and was scheduled to conclude by July 15. Selected participants were predominantly opposed to rescheduling, raising questions about the evidentiary record and potential administrative delays or legal challenges. Post-hearing steps—including an administrative law judge recommendation and DEA Administrator decision—could lead to a final rule in late 2026 or later, though litigation remains possible. These procedural milestones and the administration’s stated priority for expeditious action form the main drivers of trader views on timing, alongside historical precedent for lengthy rulemaking processes even under accelerated timelines.