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President Donald Trump is expected to sign an executive order this week that would broadly expand access to cannabis. Industry advocates, executives and researchers who spoke to CNBC said the changes would come with big implications for both consumers and the health care industry.
Trump said Monday he’s “strongly” considering an executive order that would reclassify pot as a Schedule III drug under the U.S. Drug Enforcement Agency, which would place cannabis alongside Tylenol with codeine, rather than Schedule I with the likes of heroin and LSD, as it’s classified now. The order would also authorize a pilot program allowing Medicare to cover cannabis products for seniors.
The proposal is expected to apply specifically to cannabidiol products, better known as CBD, aimed at treating chronic pain, sleep deprivation, and other age-related ailments, said Shawn Hauser, a partner at cannabis-focused law firm Vicente LLP.
CBD has spiked in popularity in recent years, moving into the mainstream via canned cocktails and body lotions, but has yet to win full-throated backing from federal drug regulators.
