It has repeatedly passed the House but stalled in the Senate. The industry has been looking instead to a measure called the SAFE Banking Act.
Rescheduling wouldn't directly affect another pot business problem: difficulty accessing banks, particularly for loans, because the federally regulated institutions are wary of the drug's legal status. He co-chairs a coalition of corporate and other players that's pushing for rescheduling. "You're going to make these state-legal programs stronger," says Adam Goers, an executive at medical and recreational pot giant Columbia Care. They say it would treat them like other industries and help them compete against illegal competitors that are frustrating licensees and officials in places such as New York. The deduction rule doesn't apply to Schedule III drugs, so the proposed change would cut pot companies' taxes substantially. (Yes, at least some cannabis businesses, particularly state-licensed ones, do pay taxes to the federal government, despite its prohibition on marijuana.) Industry groups say the tax rate often ends up at 70% or more. Under the federal tax code, businesses involved in "trafficking" in marijuana or any other Schedule I or II drug can't deduct rent, payroll or various other expenses that other businesses can write off. In the meantime, a 2022 federal law aimed to ease marijuana research. (Scientists sometimes rely instead on people's own reports of their marijuana use.) That has created something of a Catch-22: calls for more research, but barriers to doing it. It's unlikely that the medical marijuana programs now licensed in 38 states - to say nothing of the legal recreational pot markets in 23 states - would meet the production, record-keeping, prescribing and other requirements for Schedule III drugs.īut rescheduling in itself would have some impact, particularly on research and on pot business taxes.īecause marijuana is on Schedule I, it's been very difficult to conduct authorized clinical studies that involve administering the drug. (Even under marijuana's current Schedule I status, federal prosecutions for simply possessing it are few: There were 145 federal sentencings in fiscal year 2021 for that crime, and as of 2022, no defendants were in prison for it.) They're subject to various rules that allow for some medical uses, and for federal criminal prosecution of anyone who traffics in the drugs without permission. Schedule III drugs - which include ketamine, anabolic steroids and some acetaminophen-codeine combinations - are still controlled substances. So if marijuana gets reclassified, would it legalize recreational pot nationwide? "That is why it is important for this independent review to go through." Nacada report: Tobacco and alcohol consumption high in primary schoolsīiden, a Democrat, supports legalizing medical marijuana for use "where appropriate, consistent with medical and scientific evidence," White House press secretary Karine Jean-Pierre said Thursday.Number of adolescents missing classes, abusing drugs on the rise - survey.Sobering fact: Excessive alcohol consumption is bad for your health.Why it's so hard for addicts to 'just quit'.
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