**Federal marijuana rescheduling remains in a multi-stage administrative and legal process under the Trump administration.** In April 2026, Acting Attorney General Todd Blanche issued a final order immediately moving FDA-approved marijuana products and state-licensed medical marijuana to Schedule III, citing treaty obligations, while launching a separate expedited DEA hearing on broader rescheduling of all marijuana from Schedule I to III. That hearing ran June 29–July 15, 2026, with post-hearing briefs submitted in mid-August and transcript corrections ordered for public release by late August. The DEA administrative law judge will next issue a recommendation to the DEA Administrator, whose final rule faces no statutory deadline and could extend into 2027. Key variables for traders include the scope of any broader rule (medical carve-outs already implemented versus full adult-use inclusion), ongoing D.C. Circuit litigation challenging the April order, and the administration’s emphasis on medical access rather than recreational reform. State licensing frameworks and Section 280E tax treatment remain central to outcomes, with procedural milestones and potential court stays as the main near-term catalysts.