(NEXSTAR) At the end of last year, it seemed that marijuana could be rescheduled in the U.S. That idea came screeching to a halt when proceedings were put on pause in January.

There were early hopes that the then-incoming Trump administration would get the ball rolling, but that didn’t immediately materialize either. On Monday, however, President Donald Trump confirmed his administration is “looking at” reclassifying marijuana as a less dangerous drug.

“We’re looking at reclassification, and we’ll make a determination over, I’d say, the next few weeks,” Trump said during a press conference, ‘s partner The Hill reported.

Marijuana is a Schedule I drug, but the latest efforts, launched under the Biden administration, would put it as a Schedule III drug. The process of rescheduling marijuana or trying to has historically played out over years and even decades, Paul Armentano, the deputy director for the National Organization for the Reform of Marijuana Laws (NORML), previously told ‘s parent company Nexstar. 

It’s difficult to say how fast efforts could play out now, but Heather Trela, director of operations and fellow at the Rockefeller Institute, told Nexstar in April that they could be fueled by Trump.

“If President Trump made this a priority, I think this would move,” she explained.

If it does happen, it would be the largest DEA policy change in more than 50 years, but you may not notice an immediate impact.

If marijuana is rescheduled, will it become legal nationwide?

The short, immediate answer is no.

As a Schedule I controlled substance, marijuana is considered by the DEA to be it without a “currently accepted medical use” and has a “high potential for abuse.” Heroin and LSD are also Schedule I drugs.

The Department of Health and Human Services recommended in 2023 that marijuana be reclassified as a Schedule III drug. Ketamine and some anabolic steroids are Schedule III substances, which have a “moderate to low potential for physical and psychological dependence.”

Even if marijuana is rescheduled, it would still be a controlled substance that’s subject to federal rules and regulations. More importantly, rescheduling does not decriminalize marijuana or make it legal for recreational use on the federal level.

Instead, the medical uses of cannabis would be recognized, and federal regulators would acknowledge it has less potential for abuse than some of the nation’s most dangerous drugs. It would also become easier for marijuana research to be conducted.

Companies could see a cut in the federal taxes they pay, too. Currently, businesses involved in “trafficking” in marijuana or any other Schedule I or II drug can’t deduct rent, payroll or various other expenses that other businesses can write off. Industry groups say the tax rate often ends up at 70% or more.

As a Schedule III drug, marijuana would still be regulated by the DEA and the thousands of dispensaries nationwide would have to register with the agency, just as pharmacies do. Critics say this would come with strict reporting requirements, something dispensaries may despise and the DEA may not be ready for.

The immediate effect of rescheduling on the nation’s criminal justice system would also likely be more muted, since federal prosecutions for simple possession have been fairly rare in recent years.

Then there’s the United States’ international treaty obligations, chief among them the 1961 Single Convention on Narcotic Drugs, which requires the criminalization of cannabis. In 2016, during the Obama administration, the DEA cited the U.S.’ international obligations and the findings of a federal court of appeals in Washington in denying a similar request to reschedule marijuana.

Where do state efforts to legalize marijuana stand?

More than three dozen states have legalized some form of medical marijuana already. Nearly half have legalized it for recreational use among adults.

Meanwhile, some states that have already legalized marijuana have seen efforts to roll back voter-approved laws or repeal them. That includes Ohio, where some have been trying to rewrite the recreational marijuana law voters approved two years ago. 

Other states have made adjustments to aspects of the law, like lowering legal potency levels, Trela said. In some cases, like Virginia, lawmakers have been unable to pass a sales bill, so while possessing cannabis is legal, there is nowhere in the state to legally purchase it.

The federal government could, however, turn over the decision of legalization to the states, as it did during prohibition.

A bill introduced in the House earlier this year could do just that. The bipartisan STATES 2.0 Act would “end the federal prohibition of cannabis and allow states to determine their own cannabis policies.” It has been referred to the House Committee on Energy and Commerce.

The Associated Press contributed to this report.