**As of mid-August 2026, trader sentiment on the timing of broader marijuana rescheduling from Schedule I to Schedule III centers on the expedited DEA administrative hearing that ran from June 29 to July 15, 2026.** This hearing followed a December 2025 executive order directing rapid completion of the rulemaking and an April 2026 final order that already moved FDA-approved products and state-licensed medical marijuana to Schedule III. The proceeding addressed the remaining question of rescheduling marijuana more broadly under the Controlled Substances Act. The DEA itself presented evidence in support of the change, including testimony from FDA scientists and physicians, which advanced the process beyond prior delays. However, post-hearing steps—including the administrative law judge’s recommendation, public comment periods if needed, and issuance of a final rule—typically require additional months. Market pricing (with December 31 at roughly 23% and September 30 at 14%) reflects expectations of continued procedural timelines and the possibility of further legal or administrative hurdles before a final rescheduling order takes effect. Key variables that could accelerate or slow resolution include the speed of any final rulemaking announcement and potential challenges to the process.