This article by Vincente LLP, a cannabis law firm, covers what rescheduling does and doesn't mean.

It's also important to note that Trump did not directly reschedule cannabis (something which, as I understand it, the Controlled Substances Act actually does give the Executive Branch unilateral authority to do) but just directed the Attorney General to "complete the rulemaking progress" related to rescheduling. It might come soon, or it might be political theater and get forgotten about.

My assumption is that this is a result of lobbying by major corporations, and it will happen.

As a Californian, I expect the best case (and most likely) scenario is that nothing meaningfully changes except some benefits for MSO's (who usually don't deserve benefits because they grow trash weed, except 710Labs). I used to work in the cannabis industry (and may again soon), and there doesn't seem to be much apparent alarm by brands. But maybe they're just playing it cool.

I expect the worst case scenario is Malboro selling light dep garbage and hotdog-water distillate at Walgreens or Walmart. I'm not sure how this will (or won't) affect other states. The Malboro outcome might be more likely in states which have a weak cannabis market.

An estimated 60% of California's cannabis sales are thought to be on the legacy market ("illegal" by illegitimate laws). Unless it's purely an issue of price with little regard to quality - which I don't think it is - then I don't see either outcome changing that.

I think the goal should obviously be descheduling cannabis. No government has the authority to legislate what you do with your own body.

Thoughts?