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Weed Industry Celebrates Biden's Rescheduling Move: 'Most Monumental Cannabis Reform In Half A Century' - Amplify ETF Trust Amplify Alternative Harvest ETF (ARCA:MJ), AdvisorShares Trust AdvisorShares Pure US Cannabis ETF (ARCA:MSOS)

Cannabis companies and advocates applaud President Biden's announcement to reschedule and legalize cannabis, calling it a major leap forward and opportunity to correct long-standing wrongs and improve the industry's cashflow.

Weed Industry Celebrates Biden's Rescheduling Move: 'Most Monumental Cannabis Reform In Half A Century'

Cannabis companies and legalization advocates are applauding President Joe Biden s Thursday announcement that formalizes the rescheduling process.

Local cannabis industry leaders say move to reclassify weed will benefit businesses, customers

The move would in part ease tax burdens on pot shops, which are currently prohibited from deducting expenses from income associated with Schedule I or II substances. Savings on those costs could be passed on to customers, industry leaders said.

US Justice Department takes step to make marijuana use a less serious crime

Reclassifying marijuana represents a first step toward narrowing the chasm between state and federal cannabis laws. The drug is legal in some form in nearly 40 US states.