The U.S. Drug Enforcement Administration is moving toward reclassifying marijuana as a less dangerous drug.
The Justice Department proposal would recognize the medical uses of cannabis, but wouldn't legalize it for recreational use. The proposal would move marijuana from the 'Schedule I' group to the less tightly regulated 'Schedule III.'So what does that mean, and what are the implications? Technically, nothing yet.
Schedule III drugs are easier to study, though the reclassification wouldn't immediately reverse all barriers to study, Culver said. 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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