EXCLUSIVE: ‘Investment By Multinational Industries Will Forever Change Cannabis,’ Warns Expert
This week, President Joe Biden announced a landmark decision to reschedule marijuana, signaling a shift in federal drug policy. Biden declared in a video statement that this move is crucial for addressing past injustices and recognizing the medical benefits of marijuana.
The administration plans to reclassify marijuana from Schedule I to Schedule III, a change that acknowledges its medicinal value and eases current restrictions.
The DEA has initiated a 60-day public comment period following the proposal. This period allows interested parties to voice their opinions and request hearings. After any necessary hearings, the DEA will review these comments and issue a final order. This process could span several months to a year.
Tax Relief and Financial Implications
The rescheduling of marijuana is set to have profound implications for the $34 billion cannabis industry. One immediate benefit would be the removal of significant tax burdens. Currently, cannabis businesses cannot deduct ordinary business expenses due to IRS code Section 280E. The reclassification would change this, alleviating financial strains on these businesses.
Lou Magazzu, a seasoned New Jersey attorney specializing in cannabis law at Weiner Law Group LLP and an upcoming speaker at the Benzinga Cannabis …