The executive order would reclassify marijuana from a Schedule I to a less dangerous, Schedule III drug. Business leaders say the move is "long overdue" and it would open the door for more benefits for businesses and consumers.

Marijuana’s classification as one of the most dangerous and habit-forming substances has long drawn criticism.

Boxing legend Mike Tyson celebrated President Donald Trump's executive order reclassifying marijuana from Schedule I to Schedule III drug status.

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.