On the heels of failed cannabis banking reform, a bipartisan group of 24 federal lawmakers asked President Joe Biden on Thursday to “recognize the merits of full descheduling” of marijuana.
Marijuana remains a Schedule 1 drug under the Controlled Substances Act (CSA), which Congress passed and President Richard Nixon signed into law in 1970.
ADVERTISEMENT
The law classifies marijuana as addictive as heroin and LSD with no medical value.
Worse for the $33 billion marijuana industry is that the status also means marijuana businesses:
Can’t deduct typical businesses expenses on their taxes. Are not allowed to file for federal bankruptcy protections. Can’t qualify for federal agricultural programs. Are too high risk for institutional investors. Are denied typical services provided by many banks.
The 24 lawmakers reminded Biden that in October he launched the first formal review of marijuana’s status under the CSA, which they called
Read full article on Marijuana Business Daily
