President Trump stated Monday his administration is “looking at” reclassifying marijuana as a much less harmful drug.
Such a transfer would proceed efforts begun by the Biden administration, which began the method to make marijuana a Schedule III drug in 2024 however didn’t end it earlier than former President Biden left workplace.
A Schedule III designation wouldn’t legalize marijuana, however legal penalties could be lessened. It could open new analysis alternatives and permit pharmaceutical firms to get entangled within the sale and distribution of marijuana the place it’s authorized. It could additionally enable for tax breaks for some marijuana firms.
The Wall Avenue Journal reported Friday that Trump advised donors he was contemplating reclassifying marijuana, after business teams paid tens of millions of {dollars} to Trump’s political teams.
“We’re looking at reclassification, and we’ll make a determination over, I’d say, the next few weeks,” Trump stated throughout a press convention in regards to the federal authorities taking management of the District of Columbia’s police drive.
Since 1971, marijuana has been a Schedule I drug, in the identical class as heroin, methamphetamines and LSD. These haven’t any accepted medical use and a excessive potential for abuse, in accordance with the Drug Enforcement Administration.
Schedule III medication embrace ketamine, anabolic steroids, testosterone and Tylenol with codeine.
Hashish business income is projected to succeed in $34 billion this yr, so eliminating the tax burden for companies could be a boon.
Below U.S. tax code, no enterprise that offers with a Schedule I or Schedule II substance is permitted to make what could be thought-about peculiar enterprise deductions or add any credit score to their annual federal taxes.
