Dec. 12 (UPI) — President Donald Trump has voiced support for reclassifying cannabis and making it a legally obtainable drug — possibly as soon as next week.

The president might sign an executive order to reclassify cannabis as a Schedule III drug as soon as Monday, accordingto CNBC, but no later than early next year, Axios reported.

Trump has a team examining the matter, but no decision has been made as of Friday morning.

The president also met with House Speaker Mike Johnson, R-La., earlier this week to discuss the matter and is considering signing an executive order compelling federal agencies to reclassify cannabis as a Schedule III drug.

The federal government currently has cannabis classified as a Schedule I drug with no known medical uses and a strong potential for abuse and dependency, as defined by the Controlled Substances Act.

Other drugs similarly classified include LSD, heroin and MDMA.

A Schedule III drug is one with recognized medicinal use and a low potential for abuse and dependency. Examples include ketamine, opioids and anabolic steroids, all of which require prescriptions to obtain legally.

Food and Drug Administration and the Drug Enforcement Agency, with assistance from the Health and Human Services Department, mostly determine how various drugs are scheduled by the federal government.

The push for reclassification of cannabis comes as more U.S. adults are using cannabis, while moving away from alcohol and tobacco products.

Reclassifying cannabis would not make marijuana legal for recreational use, but it would become legal for medicinal purposes and require a prescription.

Reclassification also would make it legal for cannabis producers to transport their products between states and enable federally chartered banks to process financial transactions related to legal cannabis sales.

Cannabis producers and retailers also could benefit from federal tax breaks.

News of a potential change in federal cannabis laws and enforcement boosted related stocks on Friday.

Cannabis stocks surged upward upon the prospect of cannabis becoming a legally obtainable substance at the federal level, in addition to respective states that have enacted recreational or medical marijuana laws, and many times both.

Several cannabis stocks posted respective gains ranging from more than 10% to about 35% during trading on Friday, CNBC reported.

Two dozen states, three U.S. territories and the District ofColumbia have legalized the medicinal and recreational use of cannabis, and a recent Gallup poll showed 64% or respondents support legalization, according to Axios.

At the federal level, the House of Representatives briefly considered decriminalizing cannabis during President Trump’s first term in office but delayed the matter until after the 2020 general election.

Legalization also could lessen the profit potential for drug cartels, which spurred Colombian President GustavoPetro in March to urge the Colombian Congress to legalize cannabis.

He said the nation’s continued prohibition against cannabis “only brings violence” among its drug cartels.