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The Drug Enforcement Administration is moving cannabis from Schedule I to Schedule III in a staged process, starting with state-legal medical marijuana and FDA-approved products. This rescheduling will maintain federal illegality while enabling crucial research and allowing state-licensed businesses to claim federal tax deductions previously prohibited under IRC Section 280E.
Whether it was Roger Stone or Donald Trump who finally lit a fire under the Drug Enforcement Administration (DEA) to move cannabis from Schedule I to Schedule III, it’s finally happening. See the Department of Justice (DOJ) press release here.
The move from I to III will happen in stages. First to go will be state-legal medical marijuana and any cannabis products already approved by the Food and Drug Administration (FDA). A broader rescheduling is set for consideration in late June.
State-licensed cannabis businesses will be allowed to take federal tax deductions currently barred by IRC Section 280E.
Rest assured, there will be lots more news on this topic in the weeks and months ahead.
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