The Trump administration’s April 2026 final order moved FDA-approved marijuana products and state-licensed medical cannabis into Schedule III, while broader rescheduling of all marijuana from Schedule I remains under review. A DEA administrative hearing on the full proposal opened June 29, 2026, concluded hearings by mid-July, and featured mostly rescheduling opponents; the agency itself argued that accepted medical use and safety standards now support Schedule III. A September 9 D.C. Circuit ruling rejected attempts to stay the partial order, leaving it in effect during litigation. Traders price limited probability of a final DEA rule covering all marijuana by year-end because the ALJ recommendation, subsequent rulemaking, and ongoing court challenges create procedural hurdles before any broader change takes effect.