Staff Reports
In a recent article published on RedState.com, Manic Contrarian, a conservative news writer, discusses the potential rescheduling of cannabis from Schedule I to Schedule III under the Controlled Substance Act. Contrarian expresses his excitement about this development and highlights the significant financial and societal implications it could have.
🚨 @HHSgov has made a historic recommendation to move marijuana to Schedule III under federal law!
Last month, I pressed DEA Administrator Anne Milgram on the Biden Administration’s timeline on rescheduling marijuana from Schedule I to Schedule III👇 https://t.co/TttczZjYeW pic.twitter.com/RT6SwyOWS3
— Rep. Matt Gaetz (@RepMattGaetz) August 30, 2023
Contrarian begins by emphasizing the impact of this news on the cannabis industry, noting that it could lead to the elimination of the 280e provision of the IRS tax code. This provision currently treats state-licensed cannabis businesses as drug traffickers, preventing them from claiming standard business deductions. The removal of this provision would greatly benefit cannabis businesses financially and potentially attract new sources of working capital and lending.
Furthermore, Contrarian argues that rescheduling cannabis could open the doors to interstate commerce and allow U.S.-based cannabis companies to be listed on exchanges like the Toronto Stock Exchange. This would provide additional opportunities for growth and shareholder value.
Contrarian also praises Representative Matt Gaetz for his understanding of the issue and his advocacy for the rescheduling of cannabis. Gaetz recognizes the misclassification of cannabis as a dangerous substance for abuse and the need for this change. Contrarian believes that Gaetz’s support, along with the recent recommendation from the Department of Health and Human Services, makes it highly likely that cannabis will be rescheduled in the near future.
In conclusion, Contrarian believes that rescheduling cannabis is a game changer for the industry. It would address financial challenges, attract investment, promote interstate commerce, and address the unfair treatment of cannabis businesses by the IRS. Contrarian’s article highlights the potential positive impacts of rescheduling cannabis and expresses optimism for its future.
