News Brief: U.S. Federal Cannabis Policy Shift
Summary
President Trump has signed an executive order to reclassify cannabis from Schedule I to Schedule III, the most significant federal policy change in over 50 years. This move eases research, tax, and banking restrictions. Concurrently, a Medicare pilot program for CBD products is launching. Despite the long-term financial benefits for the industry, cannabis stocks fell sharply on concerns over new competition and potential Big Pharma entry.
Key Points
- Policy Reclassification: Cannabis is being moved from Schedule I (like heroin) to Schedule III (like ketamine), recognizing its medical use and lower abuse potential.
- Major Implications: The change exempts cannabis businesses from restrictive IRS tax code 280E, allowing standard deductions, and improves access to banking and institutional investment.
- Medicare CBD Pilot: A new program will allow some Medicare-covered seniors to receive doctor-recommended, tested CBD products, potentially integrating cannabis into federally insured healthcare.
- Market Reaction: Leading cannabis company stocks (e.g., Trulieve -23%, Green Thumb -16%) and a major industry ETF fell sharply due to fears of increased competition.
- Industry & Expert Views: The move is hailed as a historic financial lifeline and a step toward more research, but it does not legalize recreational marijuana. Concerns remain about CBD’s FDA approval status and health impacts.
新闻简报：美国联邦大麻政策重大转变
摘要
特朗普总统签署行政命令，将大麻从《管制物质法》的附表一重新分类至附表三，这是五十多年来最重要的联邦政策变化。此举将缓解研究、税收和银行业务限制。同时，一项针对CBD产品的医疗保险试点计划即将启动。尽管长期来看对行业有利，但由于对新竞争和大型制药公司可能进入的担忧，大麻股大幅下跌。
关键要点
- 政策重新分类：大麻正从附表一（与海洛因同列）移至附表三（与氯胺酮同列），承认其医疗用途和较低的滥用可能性。
- 主要影响：此举使大麻企业免于受国税局280E条款限制，允许进行标准业务抵扣，并改善其获得银行业务和机构投资的机会。
- 医疗保险CBD试点：一项新计划将允许部分享有医疗保险的老年人获得医生推荐的、经过测试的CBD产品，这可能首次将大麻衍生产品纳入联邦保险的医疗体系。
- 市场反应：主要大麻公司股票（如Trulieve -23%， Green Thumb -16%）和行业ETF大幅下跌，原因是担心竞争加剧。
- 行业及专家观点：此举被誉为历史性的财务生命线，是迈向更多研究的一步，但并未将娱乐用大麻合法化。对于CBD的FDA批准状况和健康影响，担忧仍然存在。
Original Article Link: https://www.cnbc.com/2025/12/18/trump-pot-reclassification-cannabis-stocks-medicare-cbd.html