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Below are some reactions from industry insiders and experts. This represents the most significant step towards federal cannabis reform in U.S. history and will provide much-needed relief to operators of all shapes and sizes, allowing us fair tax treatment by eliminating 280E. Rescheduling cannabis is a crucial move towards federal legalization . We anticipate a surge in liquidity as sidelined capital enters the market, drawn by the potential for legal businesses to thrive.
The U.S. Justice Department is moving to make marijuana use a less serious federal crime with a proposal to reclassify the drug as on par with Tylenol with codeine, rather than heroin, according to sources. Under the Controlled Substances Act, marijuana is listed as a schedule one substance, meaning it has a high potential for abuse and no current accepted medical use. The Department of Justice, which oversees the Drug Enforcement Administration, recommended that cannabis be classified as a so-called schedule three drug, with a moderate to low potential for physical and psychological dependence.