Potential Federal Cannabis Reclassification Could Reshape Industry

President Trump’s recent comments about potentially reclassifying cannabis as a less dangerous drug could mark a turning point for the region’s cannabis industry.

Jason Little, a partner in Farrell Fritz’s Cannabis practice group, spoke with Newsday about what a federal reclassification might mean and how it could reshape the industry locally.

From the article:

How drug schedules work

The DEA divides controlled substances into five schedules, with Schedule I substances considered to have no medical value. They include substances like heroin and ecstasy. While cannabis is legal in New York State, it’s federally outlawed and currently classified as a Schedule I drug, according to the U.S. Drug Enforcement Administration.

Trump said he is considering rescheduling marijuana as a Schedule III drug, which the DEA refers to as “drugs with a moderate to low potential for physical and psychological dependence.” Schedule III drugs include substances such as ketamine, anabolic steroids and testosterone.

A Schedule III drug classification would also allow both recreational and medical cannabis dispensaries to claim tax exemptions and write-offs, said Jason Little, an attorney who focuses on cannabis law at Uniondale-based firm Farrell Fritz.

Read the article here: Trump mulls policy that could transform marijuana industry – Newsday