The Trump administration's December 2025 executive order directed expedited rescheduling of marijuana from Schedule I to Schedule III under the Controlled Substances Act. In April 2026, the Justice Department and DEA immediately moved FDA-approved marijuana products and those under state medical licenses into Schedule III while launching a new administrative hearing on broader rescheduling. That hearing ran from June 29 to July 15, 2026, allowing opponents to build an evidentiary record on issues including youth access and dependence, though the government retained a procedural path forward. With the record now closed, trader probabilities for full rescheduling by year-end reflect the remaining steps of an administrative law judge recommendation, potential DEA final rule, and any subsequent legal challenges. No major new developments have emerged since the hearing concluded.