The Biden administration's recent move to reschedule marijuana from Schedule I to Schedule III has been drawing criticism from activists on both sides of the issue.
Biden administration's recent move to reschedule marijuana could be a big giftThe Biden administration’s recent move to reschedule marijuana from Schedule I to Schedule III has been drawing criticism from activists on both sides of the issue.
Making marijuana a Schedule III drug would keep it illegal under federal law. Such a move would, however, permit marijuana companies to utilize Section 280E of the tax code, allowing the industry to deduct business, promotional and other expenses to advance drug sales. Companies would be permitted to advertise and promote kid-friendly THC-infused gummies, candies and drinks and deduct those costs as a business expense.
The report added that “the states seeing the biggest 4/20 increases this year were Hawaii, Oregon, Florida, Maine, and Delaware, all at or near 200% above a typical Saturday.” Hawaii and Florida are medical-only states. These tax implications will fuel the industry’s pervasive approach to targeting new users, especially young people. The industry has already spent billions fueling misinformation campaigns that have driven down perceptions about the risks associated with marijuana usage. According to data from the Substance Abuse and Mental Health Services Administration, young people today overwhelmingly view cigarettes, alcohol and other drugs as riskier than marijuana.
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