Donald Trump is said to be looking to shake up US laws on marijuana, which would have a major impact on the multibillion-dollar industry, according to a Wall Street Journal article.

Cannabis 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’.

In short, at a federal level, the drug is illegal, with the likes of heroin, LSD, and ecstasy also under the same classification.

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

And it looks like Trump has set his sights on changing up the way the drug is classified, which would have a major effect on how easy it is to buy and sell it in the US.

According to sources who spoke to The Wall Street Journal on Friday (8 August), Trump floated his plans at a fundraiser held at his New Jersey golf club, with tickets for the event going for a cool $1 million a pop.

Trump is toying with the idea, apparently (Chip Somodevilla/Getty Images)

According to the report, one of the attendees at the fundraiser, which was held earlier this month, was Kim Rivers, chief executive of Trulieve, one of the largest marijuana companies in the country.

The sources, who did not want to be named but claimed to have been at the event, said that Trump was mulling over the possibility of reclassifying the drug as a Schedule III substance.

Speaking of loosening the belt on federal restrictions for the drug, Trump allegedly told those in attendance: “We need to look at that.

“That’s something we’re going to look at.”

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’.

It’s important to note that it wouldn’t make the drug completely legal across the US, but it would help ease restrictions on it, including opening up more opportunities for medical uses and possible tax breaks for marijuana companies.

Common examples of drugs which fall under this category include ketamine, anabolic steroids and testosterone.

Weed is currently illegal at a federal level, but it varies state by state (Alberto Case/Getty stock photo)

The possible change, which was also pursued by the Biden administration but never put into action, would make it easier to buy and sell the drug, making the already booming business potentially even more lucrative.

In a statement to CNN, White House spokesperson Abigail Jackson said that ‘all policy and legal requirements and implications are being considered’ around marijuana.

“The only interest guiding the president’s policy decision is what is in the best interest of the American people,” she added.

Which US states is marijuana currently legal in?

States where marijuana is fully legal:

Alaska

Arizona

California

Colorado

Connecticut

Delaware

District of Columbia

Illinois

Maine

Maryland

Massachusetts

Michigan

Minnesota

Missouri

Montana

Nevada

New Jersey

New Mexico

New York

Ohio

Oregon

Rhode Island

Vermont

Virginia

Washington

States where marijuana is legal for medical purposes only:

Alabama

Arkansas

Florida

Georgia (CBD oil only)

Hawaii

Indiana (CBD oil only)

Iowa (CBD oil only)

Kentucky

Louisiana

Mississippi

New Hampshire

North Dakota

Oklahoma

Pennsylvania

South Dakota

Tennessee (CBD oil only)

Texas

Utah

West Virginia

Wisconsin (CBD oil only)

Wyoming (CBD oil only)