EXCLUSIVE: Ending Tax Burden On Cannabis Expenses Will Help Small Businesses ‘Flourish,’ Says NJ Industry Leader
The Department of Justice took a crucial step in May toward reclassifying marijuana, formalizing a process to move it from a Schedule I to a Schedule III substance. This momentous policy change could have profound implications for the cannabis industry nationwide, including New Jersey, where the Benzinga Cannabis Market Spotlight is set to take place on June 17.
Potential Pharmaceutical Entry Raises Concerns
Dr. Chanda Macias, CEO of Women Grow and National Holistic, shared her thoughts on how the rescheduling could affect the cannabis market in New Jersey. According to Macias, the reclassification could provide a much-needed boost to small businesses by eliminating the 280E tax burden, allowing them to compete more effectively with illegal operations. “Rescheduling cannabis can positively impact the NJ marketplace with an opportunity for small businesses to flourish with the elimination of the 280E tax burden,” she stated.
However, Macias also stressed potential challenges, including the …