Marijuana advocacy groups have long pushed for the federal government to soften its stance. As a candidate, Trump appeared open to relaxed regulation, posting on his social media platform last year that he would “focus on research to unlock the medical uses of marijuana to a Schedule 3 drug.”

Donald Trump has said he is “looking at” reclassifying marijuana as a less dangerous drug, days after he attended a $1m-per-head fundraiser with industry leaders.

The proposal is the latest direct government intervention into business and finance since Trump returned to the Oval Office in January.

The deal, which ties government permission to a revenue-sharing requirement, has been criticized by some as unconstitutional.