Colorado's governor doesn't want to see the DEA get in the way of marijuana banking and tax reform.
Share this:marijuana be lowered from a Schedule I federal substance to Schedule III
and pardon low-level federal cannabis offenders. If approved by the Drug Enforcement Administration, a Schedule III label for marijuana would clear research pathways and allow business owners to apply for tax exemptions, according to business and policy experts. If the DEA agrees with the HHS recommendation, marijuana would be recognized by the federal government as having medicinal value, and would be on the same legal level as anabolic steroids and ketamine — but that is a very big if, as the DEA has blocked and stalled marijuana research and criminal reform efforts in the past.
International drug treaties shouldn't be a problem, Polis adds, since the United States has technically broken them already by allowing states to legalize the plant. Because of an Internal Revenue Service code banning tax exemptions connected to Schedule I status, marijuana businesses can pay upwards of a 70 percent tax rate on earnings. If marijuana is moved to Schedule III, Polis's advisers and the majority of the marijuana industry believe that the IRS tax code in question, 280E, will no longer apply to state-legal pot businesses.
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