Schedule III Status for Marijuana Could Impact Many Sectors

Reclassifying marijuana as a Schedule III controlled substance could broadly impact businesses, research, and more. But the effects in each area still need clarification.

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If the U.S. government reclassifies marijuana to Schedule III on the Controlled Substance Act as suggested by the Department of Health and Human Services, it could have significant implications in various areas such as research, taxation on businesses, and USPS mailing regulations. Following the HHS announcement, some of the anticipated results are more discernible than others. It is clear that for the initial time, marijuana firms can take usual business deductions on their federal tax forms, removed from the prohibitions of IRS Tax Code Area 280E. It’s not completely clear yet what the switch would bring for federal employees. However, it is certain that even if cannabis producers follow state laws, recreational cannabis firms won’t be allowed under national laws. Schedule III substances, including ketamine, anabolic steroids and Tylenol with codeine, are not allowed to be bought or used without a Drug Enforcement Administration (DEA) license or a doctor’s prescription. If the proposed change happens, cannabis would be legally available for medical purposes in many places, but most states would have to redesign their regulations in order to be in agreement with Schedule III requirements. Some experts dread the idea that the FDA could meddle with the cannabis industry. Everyone who follows the marijuana industry is in agreement that the alteration will be monumental, however the perception of how it will affect the broader legal aspects is varied. Mary Cheh, a professor at George Washington University Law School remarked to Marijuana Moment that, “This will have lots of effects across a wide range of activities.” Government officials must give consideration to all individuals. Cheh warned that the process could move at a snail’s pace. She suggested that the bureaucracy and slowness of the federal government is likely to be worse than that of the state governments.

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