What would happen if Trump's plans to make major change to marijuana laws actually went ahead

Donald Trump is planning to overhaul US laws on marijuana, which would have a massive impact on the multibillion-dollar industry.

On Monday, Trump announced that his administration is ‘looking at’ changing marijuana’s classification to a less severe one, which could reduce criminal penalties and potentially pave way for financial growth in the industry.

Is marijuana illegal in the US?

Marijuana is currently classified as a Schedule I controlled substance in the US, which means that federal law considers it to have a 'high potential for abuse' and 'no currently accepted medical use in treatment in the United States.'

At a federal level, the drug is illegal, with heroin, LSD, and ecstasy also under the same classification.

Despite its federal classification, 24 states, and the District of Columbia, have fully legalised the drug, while others have opted to only allow it for medicinal purposes.

Marijuana could be reclassified in the US (Getty Stock Image)

How would changing the classification of marijuana change how it's used?

Changing the classification of marijuana would have a huge effect on how easy it is to buy and sell in the US.

According to the government website, a Schedule III drug has a 'moderate to low potential for physical and psychological dependence', with 'abuse potential less than Schedule I and Schedule II drugs.'

Some examples of Schedule III drugs are ketamine, anabolic steroids, and testosterone.

However, even if Trump decides to change the marijuana classification, a decision which he said should be made in the next few weeks, it wouldn't make the drug completely legal across the US.

It would help ease restrictions on it, including opening up more opportunities for medical uses and possible tax breaks for marijuana companies.

The drug could be taxed and regulated if it was removed from the illegal market, the Johns Hopkins Bloomberg School of Public Health stated.

However, research is still needed on the risks and benefits of marijuana.

What would be the benefits of legalisation?

“One of the big benefits is taking marijuana out of the underground illegal market,” said Johannes Thrul, PhD, MS, associate professor of mental Health.

“You're taking it out of the illegal market and giving it to legitimate businesses where there is going to be oversight and testing of products, so you know what you're getting.”

(MANDEL NGAN / Staff / Getty)

What has Trump said about reclassification of marijuana?

During a White House briefing on Monday, Trump confirmed to press: "We're looking at reclassification and we'll make a determination over the next - I would say over the next few weeks, and that determination hopefully will be the right one. It's very complicated subject."

He continued: "I've heard great things having to do with medical, and I've had bad things having to do with just about everything else. But medical, and, you know, for pain and various things.

"Some people like it, some people hate it."