President Donald Trump signed an executive order on Thursday reclassifying marijuana as a less dangerous drug.

The reclassification 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.

President Donald Trump will be signing an executive order on Thursday that will direct the attorney to “expedite” and “complete” the marijuana rescheduling process, throw a lifeline to the hemp industry,

Key Takeaways Weed stocks dropped Monday afternoon, reversing early gains on hopes President Trump could soon issue an executive order reclassifying marijuana. An expected reclassification from a Schedule I to a Schedule III drug would help companies in the sector reduce their taxes and relax banking restrictions.