**Medical cannabis under state licenses and FDA-approved products moved to Schedule III effective April 28, 2026, following an April 23 order by Acting Attorney General Todd Blanche.** This action implemented a December 2025 executive order directing expedited review of marijuana’s placement under the Controlled Substances Act. A separate administrative hearing on broader rescheduling of all botanical marijuana (including adult-use) from Schedule I to Schedule III ran from June 29 to July 15, 2026, with the DEA presenting evidence of currently accepted medical use. Post-hearing briefs are now due, after which an administrative law judge recommendation is expected in late 2026 or early 2027, followed by potential final rulemaking. Ongoing litigation by anti-rescheduling parties challenges the medical reclassification in federal court, while procedural deadlines and agency timelines remain the main near-term catalysts. Traders monitor these steps because full rescheduling hinges on completion of the administrative record and any subsequent agency or judicial action.