The order signed by Todd Blanch does not legalize marijuana for medical or recreational use under federal law. But it changes the way it is regulated, moving licensed medical marijuana from Schedule I — which is reserved for drugs without medical use and with a high potential for abuse — to the less strictly regulated Schedule III. It gives major tax breaks to licensed medical marijuana operators and reduces some barriers to researching cannabis.The Trump administration also said it is starting the process to more broadly reclassify marijuana, with hearings set to begin in June.Trump in December asked his administration to act as quickly as possible to reclassify marijuana. On Saturday, when the president signed an unrelated executive order regarding psychedelics, he seemed to express frustration that it was taking so long.Blanch said Thursday that the Justice Department is “keeping President Trump’s promise” to expand Americans’ access to medical treatment options. “This redefinition action allows for research on the safety and efficacy of this substance, ultimately providing better care to patients and more reliable information to doctors,” he said.Blanch’s action largely legalizes medical marijuana programs in the 40 states that have adopted them. It establishes an expedited system for state-licensed medical marijuana producers and distributors to register with the U.S. Drug Enforcement Administration.It clarifies that cannabis researchers will not be penalized for obtaining state-licensed marijuana or marijuana-derived products for use in their work, and it gives state-licensed medical marijuana firms a windfall by allowing them, for the first time, to deduct business expenses on their federal taxes.The order represents a major policy shift for the U.S. government, which has continued its long-standing marijuana prohibition in accordance with the Marijuana Tax Act of 1937 — even as nearly all states approve some form of cannabis use. Two dozen states besides Washington, D.C., have authorized adult recreational use of marijuana, 40 have medical marijuana systems, and eight others allow low-THC cannabis or CBD oil for medical use. Only Idaho and Kansas have banned marijuana.Michael Bronstein, president of the American Trade Association for Cannabis and Hemp, called it “the most significant advancement in cannabis policy in 50 years.” “This validates what Americans have known for a long time, cannabis is a medicine,” he said.This is a Bloomberg story