On April 23, 2026, US Attorney General Blanche signed the order rescheduling medical cannabis from Schedule I to Schedule III of the US Controlled Substances Act. As Fund Advisor of the CANSOUL Cannabis Stocks UCITS ETF (WKN: A2PX8U), I explain why this fundamentally and significantly improves the investment thesis for US cannabis multistate operators (MSOs).
There are moments when a market pivots. Not gradually, not step by step, but with a single administrative action. April 23, 2026, is such a moment. The rescheduling of state-licensed medical cannabis from Schedule I to Schedule III of the US Controlled Substances Act represents the most significant regulatory transformation of the cannabis sector since its inception. For us as investors, this day marks the beginning of a new era.
„Cannabis is leaving the regulatory gray zone—it becomes bankable, reimbursable, and exchange-tradable. What millions of patients and doctors have long known is now federal law: cannabis is medicine.“
What appears to outsiders as symbolic politics represents a fundamental shift in market economics for industry participants. Tax burden collapses dramatically. The banking sector opens its doors. Capital that stood on the sidelines for years finds its way into the sector. And the DEA proceeding, restarting on June 29, 2026, will establish the foundation for complete rescheduling of all cannabis products—preparing the next catalyst for price movement.
5 Positive Effects for Investors
1 Tax Relief: Effective Tax Rate Drops from Up to 70% to Around 21%
Elimination of IRS Section 280E enables the deduction of regular operating costs—rent, salaries, marketing—for the first time. The cash flow effect is immediate and structural.
2 Banking Access: End of the Cash-Only Era—Cannabis Becomes Bankable
With Schedule III, the primary risk for banks and financial institutions disappears. Business accounts, credit lines, and payment processing become standard rather than the exception.
3 Uplisting: Path to NYSE and Nasdaq Opens
Leading US operators have been restricted to OTC markets. Schedule III creates the regulatory foundation for uplisting—and thereby access to institutional capital on an entirely new scale.
4 Research and Pharma: Clinical Trials Become Plannable
DEA registration barriers fall significantly. Pharmaceutical and healthcare companies that have previously avoided cannabis can now engage actively—product innovation, patents, reimbursement eligibility.
5 Institutional Market Access: ETFs, Pension Funds, and Insurance Companies Can Participate
Schedule III eliminates the final compliance barriers for institutional investors. ETFs, pension funds, and insurance companies that have had to exclude cannabis for regulatory reasons now gain unrestricted market access—a structural demand boost of unprecedented magnitude.
The CANSOUL Cannabis Stocks UCITS ETF is positioned precisely for this moment with its 26 carefully selected global portfolio companies. Our focus on enterprises with strong medical orientation, solid balance sheets, and international reach is now paying dividends.
Yours, Daniel Stehr
Fund Advisor
Important Notice (Disclaimer)
The corporate news published in Hemp Magazine constitutes neither investment advice nor investment recommendation nor financial analysis under the WpHG and is not a solicitation to buy, sell, or hold financial instruments.
Special Notice of Potential Conflicts of Interest: Economic interests of the CANSOUL Fund, affiliated companies, and members or employees may exist regarding the mentioned issuers or financial instruments. This applies in particular to existing positions/holdings, paid cooperations, mandates, other compensations, or other business relationships. Such circumstances may influence reporting.
AI Transparency Notice: Content may have been wholly or partially created, edited, or structured using Artificial Intelligence (AI). Publication occurs following editorial review; however, errors, incompleteness, or delays cannot be excluded.
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