The switch would move marijuana away from its current classification as a Schedule I drug, alongside heroin and LSD. Cannabis would instead be a Schedule III substance, like ketamine and some anabolic steroids.

Reclassification to a Schedule III drug and possible Medicare coverage for pot could unlock new investment from pharmaceutical companies.

The order to place cannabis in the same category as Tylenol with codeine would mark the most significant change in US drug policy since 1971.