Trulieve ‘applauds’ White House decision to reschedule marijuana to Schedule III

Trulieve Cannabis (TCNNF) said it “applauds” action taken by the Trump Administration to reclassify marijuana to Schedule III under the Controlled Substances Act. “This bold and historic direction from President Trump represents long overdue change and a major milestone in cannabis reform,” said Trulieve Chief Executive Officer Kim Rivers. “Trulieve is grateful for the decisive action taken by the Administration that acknowledges the medical benefits of cannabis, supports licensed and regulated operators, and allows law enforcement agencies to prosecute bad actors. We are committed to supporting the Administration throughout this process.” Reclassification of marijuana to Schedule III does not legalize marijuana but it is an important first step in achieving practical common sense cannabis reform, the company said. Moving marijuana to Schedule III opens the door for more robust research of medical marijuana, removes the punitive tax burden imposed by Section 280E of the tax code, and retains flexibility for law enforcement to target and punish illicit operators, Trulieve added.