What does President Trump’s executive order to reclassify marijuana mean for local dispensaries? 

COACHELLA VALLEY, Calif. (KESQ) - President Trump signed an executive order Thursday to reclassify marijuana from a Schedule I to Schedule III drug, a move experts say would open new financial and research opportunities for the drug.

Currently, the Schedule I classifier for marijuana is the Drug Enforcement Administration's most restricted category, and puts marijuana on the same level as heroin, LSD and ecstasy.

The DEA classifies Schedule III substances as having a "moderate to low potential for physical and psychological dependence" along with Tylenol with codeine, testosterone and ketamine.

Experts say the move would ease financial restrictions on weed and specifically in California, lower harsh federal taxes on the recreational drug, open banking services, and expand research opportunities. 

The order does not legalize marijuana federally.

Looking for answers on how this impacts local dispensaries, News Channel 3 checked in with Atomic Budz and Double Eye Dispensary & Lounge in Cathedral City.

Kevin Lopez with Double Eye Dispensary & Lounge said he's cautiously optimistic and looks forward to new medicinal research.

"I mean being federally restricted, we can't do credit cards and that convenience for folks just to get better access to their medicine. I'm hoping it'll help people with anxiety, you know, people with more serious medical issues," Lopez said.

Others have their doubts, like the owner of Atomic Budz John Chaisson, who questions 'big Pharma' interference in the industry.

"It's great research can be done, but what it really does is open the door for 'big Pharma' to come in and take control of a grassroots industry that has existed since time began. It will take away their livelihoods, take away their businesses, because 'big Pharma' has a lot of money and they will do the research and they will be able to dominate the industry. That pushes the little guy out," Chaisson said.

It's unclear how long the President's order will take to go into effect.

Stick with News Channel 3 for continuing coverage on this story.