By Sheeba M. | April 20, 2026
Trump Just Said the Quiet Part Out Loud on Cannabis Rescheduling — Here’s What It Means for MSO Stocks
Four months ago, President Trump signed Executive Order 14067 directing the Attorney General to move marijuana from Schedule I to Schedule III “in the most expeditious manner.” Today, it’s increasingly clear that the order isn’t being executed with any particular urgency — and the President himself seems frustrated by it.
During a Saturday Oval Office signing ceremony for a new executive order on psychedelic research expansion, Trump was overheard directly asking federal officials: “You know, they’re slow-walking me on rescheduling. You’re going to get it done, right, please?” His public frustration — in front of cameras — is a notable signal that the political pressure to complete rescheduling has now become a White House priority.
Who’s Blocking It — and Why It Matters Less Than You Think
Reports indicate that someone inside the Trump administration is “holding up” the completion of the cannabis rescheduling proposal, according to longtime Trump advisor Roger Stone. But here’s why investors shouldn’t lose sleep over the delay: the direction is set, the President is publicly committed, and the legal pathway — while slow — is moving forward.
The Attorney General is required to engage in rulemaking through the DEA and Department of Health and Human Services. The DEA may choose an expedited process or traditional notice-and-comment rulemaking. Either path faces potential litigation, but the expedited route could deliver results within six months if the administration commits real political capital to pushing it through.
For Curaleaf Holdings and other major MSOs, the implications are significant. Every month of delay is another month of operating under the cloud of Section 280E tax restrictions that prevent standard business deductions. But the market has already priced in significant progress — MSO stocks have climbed notably since Trump’s executive order in December, suggesting investors are treating this as a matter of “when,” not “if.”
What to Watch: Key MSO Earnings and Infrastructure Builds
The delay in federal rescheduling doesn’t mean the industry is standing still. Trulieve is aggressively expanding its Florida footprint ahead of adult-use rollout. Verano Holdings reported $280 million in Q1 2026 revenue and is positioned as the likely #2 U.S. cannabis operator by market share once rescheduling clears. Green Thumb Industries continues expanding its retail footprint in Michigan and Illinois — markets where scale translates directly to earnings power once 280E restrictions are lifted.
The bottom line: Trump’s public impatience is actually a bullish signal. Political pressure works. The question is not whether rescheduling will happen, but when — and for investors building positions in Aurora Cannabis, Canopy Growth, and the mid-tier MSOs, any accelerant the White House applies to the DEA timeline is a direct catalyst for valuation re-rating.
Sources
- Marijuana Moment — Trump Complains DOJ Is ‘Slow-Walking’ Marijuana Rescheduling (April 2026)
- Reuters — Tax relief on the horizon: How federal rescheduling could reshape cannabis business taxes (April 20, 2026)
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