A historic shift may be underway for drug policy in the U.S. as officials look to reclassify marijuana as a less dangerous drug.
The proposal would move marijuana from the “Schedule I” group to the less tightly regulated “Schedule III."WHAT HAS ACTUALLY CHANGED? WHAT HAPPENS NEXT?must be reviewed by the White House Office of Management and Budget, and then undergo a public-comment period and review from an administrative judge, a potentially lengthy process.
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. But rescheduling in itself would have some impact, particularly on research and marijuana business taxes.Because marijuana is on Schedule I, it's been very difficult to conduct authorized clinical studies that involve administering the drug. That has created something of a Catch-22: calls for more research, but barriers to doing it.
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. Industry groups say the tax rate often ends up at 70% or more.
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