President Donald Trump directed federal officials to move quickly on marijuana rescheduling, and that effort just survived another legal challenge. Last week, a federal appeals court rejected a request from marijuana opponents to temporarily block the administration from moving forward with broader rescheduling while their lawsuits are considered. The ruling doesn't guarantee marijuana will ultimately move from the stringent Schedule I to the more lenient Schedule III, but it keeps the process alive.
And Tilray Brands (NASDAQ: TLRY) could be one of the marijuana stocks to watch if it happens. Moving marijuana to Schedule III wouldn't federally legalize recreational cannabis. Interstate marijuana commerce wouldn't suddenly become legal, and Tilray wouldn't be able to start shipping Canadian recreational cannabis into the U.S.
But Schedule III would still represent one of the biggest changes in federal marijuana policy in decades. This Rare Signal Is Flashing Again. In 2009, a "Double Down" signal flashed for a little-known chipmaker called Nvidia.
For the first time in years, that same "Total Conviction" signal is flashing for a company 1/100th the size of Nvidia. Continue » The Trump administration has already placed FDA-approved marijuana products and qualifying state-licensed medical marijuana products into Schedule III, which is reserved for drugs that have some some medical uses. A separate DEA process is considering the broader removal of marijuana from Schedule I.
The DEA has argued that marijuana no longer meets Schedule I requirements because it has an accepted medical use and an abuse and dependency profile more consistent with Schedule III. That broader change could eventually make it easier to conduct cannabis research and expand medical marijuana opportunities. And Tilray has spent years building a business that could benefit from exactly that kind of market.
Tilray is already a major medical cannabis supplier internationally, particularly in Europe. International medical cannabis revenue increased 34% in fiscal 2026. Management has also specifically identified U.S. rescheduling as an opportunity to eventually expand Tilray Medical into the American market.
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