President Trump’s executive order to reschedule marijuana from Schedule I to Schedule III could revolutionize the $30 billion cannabis industry. This move would eliminate punishing tax rates and open the door for traditional lenders and payment processors to work with cannabis businesses, potentially transforming the industry’s financial landscape.

Despite the potential benefits, cannabis stocks dropped 27% after the announcement, reflecting investors’ skepticism due to past disappointments. While the executive order represents a significant step, challenges remain, including implementation through the Justice Department, potential legal obstacles, and unaddressed industry priorities like access to stock exchanges and interstate commerce.

The order could signal a new era for the cannabis industry, similar to Trump’s actions in other sectors like cryptocurrency regulation and psychedelic research. While the transformation won’t happen overnight, the administration’s track record of supporting industries previously considered lost causes suggests that betting against this executive order may not be wise.

Read more at Yahoo Finance: The marijuana business grows up as Trump eases the rules