**The DEA administrative hearing on moving all marijuana from Schedule I to Schedule III concluded in mid-July 2026, with post-hearing briefs filed in August and the administrative law judge’s recommendation still pending.** In April 2026 the Department of Justice used treaty-based authority to immediately place state-licensed medical cannabis and FDA-approved marijuana products into Schedule III, providing tax relief under Section 280E for those categories while leaving broader (including adult-use) marijuana in Schedule I. The separate June-July hearing addressed the remaining classification, with the DEA presenting evidence of currently accepted medical use drawn from the prior HHS/FDA scientific review. A D.C. Circuit panel denied opponents’ September 9 request for a stay of the April order, allowing the partial Schedule III changes to remain in effect during litigation. The full timeline for an ALJ recommendation, possible final rule, and resolution of the court challenge remains uncertain and could extend into late 2026 or 2027. Trader pricing reflects the extended procedural steps and litigation risks still ahead.