Trump Orders Medical Marijuana Products to Schedule III

Catch up on the top industries and stocks that were impacted, or were predicted to be impacted, by the comments, actions and policies of President Donald Trump with this daily recap compiled by The Fly.MARIJUANA:In accordance with President Trump's December 18, Executive Order on Increasing Medical Marijuana and Cannabidiol Research, the Justice Department and the Drug Enforcement Administration announced the issuance of an order immediately placing both FDA-approved products containing marijuana and marijuana products regulated by a state medical marijuana license in Schedule III of the Controlled Substances Act, as well as the initiation of an expedited administrative hearing process to consider the broader rescheduling of marijuana from Schedule I to Schedule III. The new hearing, beginning June 29, 2026, will provide a timely and legally compliant pathway to evaluate broader changes to marijuana's status under federal law. Together, these actions provide immediate and long-term clarity to researchers, patients, and providers alike while still maintaining strict federal controls against illicit drug trafficking. Acting Attorney General Todd Blanche is placing both FDA-approved drug products containing marijuana, and medicinal marijuana products subject to a qualifying state-issued license in Schedule III under his authority to reschedule drugs to carry out the United States' obligations under the Single Convention on Narcotic Drugs. This action recognizes the longstanding regulation of medical marijuana by state governments and the need for a common-sense approach to this reality. "The Department of Justice is delivering on President Trump's promise to expand Americans' access to medical treatment options," said Acting Attorney General Todd Blanche. "This rescheduling action allows for research on the safety and efficacy of this substance, ultimately providing patients with better care and doctors with more reliable information." Publicly traded companies in the space include Aurora Cannabis, CV Sciences, Canopy Growth, Cronos Group, Goodness Growth, Green Thumb Industries, IGC Pharma, Tilray, Trees Corporationand Trulieve Cannabis.STRAIT OF HORMUZ:In a post on Truth Social, President Trump stated, "I have ordered the United States Navy to shoot and kill any boat, small boats though they may be (Their naval ships are ALL, 159 of them, at the bottom of the sea!), that is putting mines in the waters of the Strait of Hormuz. There is to be no hesitation. Additionally, our mine "sweepers" are clearing the Strait right now. I am hereby ordering that activity to continue, but at a tripled up level! Thank you for your attention to this matter."SPIRIT AIRLINES:Members of President Donald Trump's team have vocalized differing views about the administration's plan to save Spirit Airlines,, Brian Schwartz of The Wall Street Journal, citing people familiar with the matter. Both Commerce Secretary Howard Lutnick and Transportation Secretary Sean Duffy gave their perspectives on the deal to the president. Lutnick argued this would be seen as a political win by coming to Spirit's rescue months before the midterm elections, people familiar with the matter said. Meanwhile, Duffy argued an agreement with Spirit could have negative political consequences, voicing skepticism about what the government is going to get out of having a stake in the business.