Here's your Forbes Daily Briefing for Sunday, February 1st.

Today on Forbes, Where is Cannabis Legal? A Guide to all 50 States.

Last year ended on a very high note for the cannabis industry.

In late December, from behind the resolute desk in the Oval Office, President Donald Trump signed

an executive order directing the Attorney General to complete the marijuana rescheduling process

in the, quote, most expeditious manner. The aim of Trump's executive order is to reclassify marijuana

as a less dangerous drug, which would be the most significant change to the nation's drug

laws since President Nixon signed the Controlled Substances Act in 1970. The change in classification

will not legalize weed, but it will give the cannabis industry a big tax break worth billions

of dollars. While the $32 billion cannabis industry rejoiced at the historic move, the process will not be

quick.

Marijuana is still categorized as a Schedule I drug alongside heroin and LSD.

If the federal government completes the process, marijuana will be reclassified as a Schedule

3 drug, which is used for drugs with accepted medical benefits that still have addiction

potential, including steroids, ketamine, and Tylenol with codeine.

Schedule 3 drugs, however, are still considered controlled substances, which means restrictions

will remain on cannabis's

manufacture, sales, and possession. And the patchwork of regulated markets across 40 states that

allow medical sales, and 25 that permit recreational sales, will still be in conflict with federal

law. The timeline for rescheduling cannabis remains murky, as Attorney

General Pam Bondi has not made a public comment on the process. Despite that promise for the

industry, 2025 also delivered a major buzzkill for marijuana's cannabis cousin, hemp. In early November,

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