U.S. move to decrimalize marijuana is a major breakthrough for companies in the sector.
Cannabis stocks have come roaring back on recent news of major decriminalization progress at the federal level. The big question now for anyone who owns marijuana stocks or is considering the sector: Is there more upside left?
This puts marijuana in the same class as heroin and fentanyl, and above meth, which has Schedule II status. HHS and the FDA both say cannabis should be moved down to Schedule III. This is an historic cultural event, and big news for cannabis companies because it would liberate them from federal taxes. The proposed change would release them from part of the Internal Revenue Service code known as “280E” which bars cannabis companies from deducting most expenses against federal taxes.
We already know the letter marks an historical event, since HHS rescheduling guidance tells us that for the first time ever, the FDA formally acknowledges that cannabis has medical benefits, which is required for Schedule III status. By this he means Biden himself has called for rescheduling. And that the DEA knew it was coming. “I suspect the DEA has gotten a head start. It is not starting from scratch.”
3. State legalization: The key states to watch are Ohio, Florida and Pennsylvania. Ohioans will vote on recreational use legalization this fall. The key question is if the referendum gets enough votes to discourage conservative lawmakers from shooting it down. Bachtell puts that threshold at 60%. A recent USA TODAY poll found 59% percent of Ohioans support legalization, with 35% opposed.
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