ST. LOUIS, Mo. (First Alert 4) – A move to begin the process of declassifying marijuana from the harshest category could have a ripple effect for local cannabis businesses.

“This is probably the biggest thing that’s happened in the industry,” said Riggs.

Kevin Riggs, co-founder and CEO of BeLeaf Medical Company, said the industry has waited a decade for the decision President Donald Trump made Thursday — declassifying marijuana from a Schedule 1 drug, the harshest classification, to Schedule 3.

“It has been a unique challenge,” said Riggs.

In an Oval Office ceremony, President Trump signed an executive order that removes marijuana from the same category as drugs like heroin. While it does not legalize marijuana federally, it will allow for more research and help dispensary owners in a variety of ways.

“We will be able to pass in pretty substantial amounts of savings to the customers in the state of Missouri,” said Riggs.

While businesses are still waiting for full details, Riggs said he is optimistic the industry will be able to lower prices for customers.

Right now, due to federal regulations, cannabis businesses are unable to take regular business tax deductions.

They are also forced to pay higher interest rates, as big banks refuse to do business with cannabis companies.

“Cannot touch us, cannot even hold our bank accounts, like we don’t have a company credit card, for instance,” said Riggs.

Riggs said he is optimistic that with the stroke of the president’s pen, cannabis companies will soon be able to operate like regular businesses. Recreational marijuana has already made an impact in Missouri.

Since legalization in February 2023, the state has seen more than $4 billion in recreational sales, sending tens of millions of dollars to veterans groups. St. Louis city, St. Louis County and St. Charles County raised a combined $4 million-plus.

“It’ll help offset police and fire and all these kinds of things,” said Riggs.

In Washington, however, there remains partisan disagreement, with some Democrats applauding the decision by President Trump.

“To move away from the failed war on drugs, which includes a failed war on marijuana,” said Rep. Hakeem Jeffries, Democratic leader in the House of Representatives.

Some Senate Republicans are less certain about the move.

“I think it’s a dangerous drug and I’m not so sure it’s a good decision, but let’s see how it plays out,” said Lindsey Graham, Republican U.S. senator from South Carolina.

Riggs said the industry’s next goal is to clamp down on intoxicating hemp products sold across the state with little regulation.

Copyright 2025 KMOV. All rights reserved.