NewsAs President Donald Trump weighs an executive action that could alter the federal legal classification of marijuana, cannabis operators and industry observers say the consequences could be far-reaching.
Cannabis has been classified as a Schedule I substance under the Controlled Substances Act since 1970. However, recent reports out of Washington indicate that Trump may move as soon as this week to reclassify marijuana as a Schedule III drug.
Jason A. Little spoke with Newsday about what such a shift could mean for marijuana retailers and the broader cannabis market.
From the article:
Additionally, cannabis’ Schedule I status prevents local retailers from writing off most day-to-day business expenses like storefront rent on their taxes, Little said. If marijuana became a Schedule III drug, local businesses could see much lower tax bills, he added.
For municipalities that already opted into allowing cannabis sales, a schedule change is unlikely to have an impact, Little said. However, there is the possibility that some that have opted out might consider opting in, he said.
Read the full article here: Federal change on marijuana could bring major benefits to weed retailers: Here’s 5 things to know – Newsday
