'Unfortunately, the DEA is notorious for taking its sweet-ass time.'
Colorado's recreational cannabis space welcomed the news of potential rescheduling, but the DEA's involvement tempered optimism.On August 20, cannabis advocates and business owners were pleasantly surprised to learn that the U.S. Department of Health and Human Services has the plant from a Schedule I controlled substance to Schedule III.
with the Internal Revenue Service under code 280E, which targets entities associated with trafficking Schedule I or Schedule II substances. The tax code, written in the '80s to restrict financial movement of cocaine traffickers, has forced cannabis business owners to pay tax rates as high as 70 percent on their earnings., loans and customer accounts. This would also change under Schedule III, according to cannabis business and legal experts.
"It's hard to describe the excitement, because this was much needed. The marijuana industry, both in Colorado and nationwide, has been struggling under the crippling nature of unfair taxes. In addition to the possibility of that going away, I expect capital markets to reopen for a much-needed investment," he says.
But much of that optimism is tempered, Bradley notes. Although he recognizes the importance of the development — given how rare the federal government's acknowledgments of the plant's health benefits have been — he says the move is"not good enough" in the long run. Like many others in the cannabis trade, Bradley wants nationwide legalization and worries that Schedule III status could create an unfair playing field.
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