President Donald Trump is expected to sign an executive order that would expand access to cannabis, a long anticipated move that would mark the most significant shift in US drug policy in decades.

The order is expected to reclassify cannabis from a Schedule I narcotic, to a Schedule III drug - placing it under the same category as Tylenol with codeine, US media reports suggest.

Even if recategorised, cannabis will remain illegal at the federal level. But classifying it as a Schedule III narcotic would allow expanded research to be conducted into its potential benefits.

Several Republican lawmakers have cautioned against the move, with some arguing it could normalise cannabis use.

The US Drug Enforcement Agency notes that Schedule III narcotics - which also include ketamine and anabolic steroids - have only a "moderate to low potential for physical and psychological dependence".