2026年4月22日，随着特朗普政府预计将签署行政命令，推动将大麻从联邦一级管制物质重新归类为三级，市场普遍预期此举将显著改善大麻企业的经营环境，并为行业带来实质性利好。
根据《受控物质法》，一级管制物质（如海洛因）被认为无公认医疗用途且滥用风险高，而三级物质（如氯胺酮）则承认其医疗价值且滥用风险较低。此次重新分类的核心影响在于税收和融资两大瓶颈的突破。
目前，大麻企业受美国联邦税法第280E条限制，无法像普通企业一样扣除工资、租金等经营费用，导致实际税率高达60%至80%。一旦降级为三级，该条款将不再适用，企业盈利能力有望得到根本性改善。
此外，重新分类有望为大麻企业打开主流银行服务和机构投资的大门。长期以来，联邦层面的禁令使大多数银行和机构投资者无法为该行业提供服务，迫使企业依赖高成本的替代融资渠道。政策松绑后，企业融资成本将降低，并购活动也可能加速。
受此消息刺激，Canopy Growth、Tilray Brands、Aurora Cannabis等大麻概念股当日股价集体飙升，市场情绪高涨。分析人士认为，这标志着美国大麻政策数十年来最重大的转变，将重塑整个行业的经济基础。
责任编辑：张俊 SF065
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