Mike Tyson, the former heavyweight boxing champion known as “Iron Mike,” is calling on President Donald Trump to make good on a campaign promise to reclassify cannabis under federal law.

Tyson became the youngest heavyweight champion in boxing history on November 22, 1986, when he defeated Trevor Berbick at age 20 to win the WBC title. He held the championship until 1990. In 1997, Tyson bit off a chunk of Evander Holyfield’s ear during the third round of a title fight, creating one of the most infamous moments in boxing history. 

Today, Tyson is a cannabis entrepreneur and advocate. He was named CEO of Carma HoldCo, the Las Vegas-based parent company behind cannabis brands, in April.

The proposal Tyson referenced in his July 8 post, backed by President Trump during his 2024 campaign, would move cannabis from Schedule I to Schedule III under the Controlled Substances Act. This shift would recognize accepted medical use, allow FDA-supervised research, and exempt legal cannabis businesses from IRS Section 280E.

That provision bars companies handling Schedule I or II substances from deducting ordinary business expenses, resulting in billions in extra taxes for the legal cannabis industry.

Reclassification was initiated nearly three years ago during the Biden administration. IVN reported in April that despite President Trump’s support on the campaign trail, progress on rescheduling is stalled. 

On July 7, the Drug Enforcement Administration (DEA) sent its second consecutive 90-day update to Chief Administrative Law Judge John Mulrooney, saying no briefing schedule has been set and the interlocutory appeal remains pending with Acting Administrator Robert Murphy. 

Murphy replaced Derek S. Maltz in May as the acting administrator of the DEA. Judge Mulrooney paused the hearings on January 13 after allegations surfaced that DEA officials had engaged in improper communications with anti-rescheduling groups.

President Nixon signed the Controlled Substances Act of 1970, the law that created the modern drug scheduling system and reinstated federal cannabis prohibition. Cannabis was placed in Schedule I alongside heroin and fentanyl — the most restrictive category — on a supposedly “temporary” basis, pending further study. It’s remained in that category ever since. 

This is despite the U.S. Department of Health and Human Services' determination through scientific and medical evaluation that cannabis has currently accepted medical use in the U.S., and recommendation in August 2023 that it be rescheduled.

Some think the fate of cannabis rescheduling rests with the next DEA administrator. Terrance Cole, Trump’s nominee for the job, has said reviewing the issue will be a “priority,” but as IVN reported, Cole has not committed to moving cannabis to Schedule III. Seasoned observers believe the final call will almost certainly come from the top: President Trump. 

The question now isn’t just whether Trump will reverse what Nixon did 55 years ago and keep his campaign promise to reschedule cannabis, it’s whether he’s ready to take advice from the baddest man on the planet.