In a recent article published by the New Jersey Law Journal, the DEA’s proposal to reclassify marijuana from Schedule I to Schedule III marks a significant shift in federal drug policy, acknowledging its medical benefits and potential legal ramifications.
Joshua S. Bauchner, Chair of the Cannabis, Hemp & Psychedelics Practice Group at Mandelbaum Barrett PC, was quoted emphasizing the significance of this step towards acknowledging cannabis’s medical value. He highlights that while rescheduling is a positive development for the industry, the ultimate goal remains declassification to address past injustices and fully normalize cannabis.
The proposed reclassification could potentially alleviate financial burdens on cannabis businesses, such as the inequitable tax treatment under Section 280E of the IRS code. This change would align cannabis with other Schedule III substances, allowing for more accessible banking and financing options.
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