With the cannabis industry eagerly awaiting the U.S. Drug Enforcement Administration’s latest move in the rescheduling process, the new year promises the biggest development in U.S. marijuana policy in 50 years.
If the rescheduling odyssey launched by the Biden administration in October 2022 stays on track, as expected, marijuana will be moved to Schedule 3 of the Controlled Substances Act (CSA) sometime in 2024.
ADVERTISEMENT
Though it wouldn’t happen overnight, rescheduling would deliver tax reform, as Section 280E of the federal tax code would no longer apply.
That IRS provision has hit state-legal marijuana retailers particularly hard and contributed to money woes elsewhere in the supply chain.
Fulfilling the rescheduling promise might also boost President Joe Biden’s sagging reelection hopes.
But whether tax relief
Read full article on Marijuana Business Daily
