President Joe Biden’s stunning announcement Thursday that his administration would review whether marijuana should remain a Schedule 1 drug sent shockwaves through the cannabis industry and fanned speculation that the move could lead to lower taxes for MJ businesses and more scientific research involving the plant.

Industry advocates and analysts also said it could pump renewed momentum into federal marijuana reform at a time when such measures continue to stall in the U.S. Senate.

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“This is a path to federal rescheduling without Congressional action,” analysts at the Jefferies Group, a New York-based investment bank, wrote in a research note.

“Biden’s announcement today is initiating that process.”

Matt Hawkins, the founder and managing principal of Entourage Effect Capital, a private equity investment firm in Dallas, called the announcement “undoubtedly one of the most influential moves we have seen in years.”