The administrative hearing on broader marijuana rescheduling from Schedule I to III under the Controlled Substances Act concluded on July 15, 2026, following an expedited process initiated by a Trump administration executive order and April 2026 DOJ final order. That order immediately moved FDA-approved cannabis products and state-licensed medical marijuana to Schedule III, while leaving general marijuana in Schedule I pending further review. Post-hearing briefs were filed in August, but the administrative law judge’s recommended decision remains outstanding with no fixed deadline, and any final DEA administrator determination could face court challenges in the D.C. Circuit from opposing states and groups. These procedural steps and the lack of an imminent ruling explain current trader pricing, which reflects uncertainty over timelines amid ongoing litigation and institutional reviews.