DEA Rescheduling Of Cannabis Could Create Over 50,000 Jobs, Industry Group Notes In Public Commentary
The Drug Enforcement Administration (DEA) holds the key to the future of cannabis industry. The Minority Cannabis Business Association (MCBA) submitted a compelling public comment, advocating for the rescheduling of marijuana from Schedule I to Schedule III. This move, they argue, would significantly boost the cannabis industry, potentially creating over 50,000 jobs by 2030.
This comment is one of over 39,000 posted on the DEA public commentary registry, with the deadline for submissions closing on Monday July 22. The report aligns with the Department of Justice’s (DOJ) call for detailed economic input on the rescheduling proposal, reported Marijuana Moment.
Economic Impact Analysis
The MCBA’s analysis details dire economic consequences if the DEA does not move forward with rescheduling. “Without tax reform that comes with rescheduling, many small and minority marijuana licensees will go out of business, resulting in major economic losses and unemployment.”
A key factor in these financial struggles is IRS Code 280E, which prevents marijuana businesses from deducting ordinary business expenses. This results in …