PORTLAND, Maine — Cannabis business owners in Maine are watching closely as there is a new push from the federal government to reclassify marijuana.

The effort began more than a year ago under former President Joe Biden, and now an executive order signed by President Donald Trump on Thursday is adding momentum to the process.

The proposed reclassification would move cannabis out of the same category as heroin, LSD, and ecstasy— drugs labeled Schedule I by the Drug Enforcement Administration (DEA) for having a high potential for abuse and no accepted medical use.

The proposed change would reclassify marijuana as a Schedule III drug, a designation for substances with moderate to low potential for physical and psychological dependence, which could include some medical applications.

While the executive order hasn’t changed anything yet for cannabis businesses, the CEO of Atlantic Farms in Portland, Jackson McLeod, said it reinforces the effort.

“We’ve been anticipating the rescheduling for quite a while. It’s been in motion,” McLeod said. “Until that’s finalized, it’s hard to say what the landscape will look like.”

Once the formal process is complete, the reclassification could offer benefits to cannabis businesses, especially when it comes to taxes and banking access.

The reclassification to Schedule III could make it easier for dispensaries and growers to access traditional banking services.

According to the American Bankers Association, as of now, offering banking services to state-authorized cannabis-related businesses is in violation of federal law despite almost all states having legalized medical cannabis in some form.

McLeod says he’s only been able to work with local credit unions. He said he believes that when and if marijuana gets reclassified, it could open the door to more accessible banking.

Beyond logistics, McLeod sees the renowned push as a justification of their work.

“We’ve been out here promoting this plant as a, medically beneficial for a long time, but being treated more like a criminal. So there’s a real justification in that and saying that there is a medical benefit to it,” McLeod said.

“The biggest federal policy change—beyond potential tax benefits—would center on medical and scientific research. Schedule III substances face much lower bureaucratic hurdles for scientists to conduct research. The reclassification of non-hemp cannabis will lower those burdens, decrease research costs, and, hopefully, spur additional research,” the Maine Office of Cannabis Policy said in a statement.

Despite the progress, McLeod said his business has dealt with regulatory changes at both the state and federal level, and this would be just another adjustment.

“As cannabis operators, we’re just head on a swivel, going to adapt and continue to do good work and bring good products to the market,” he said.

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