“Making marijuana a Schedule III drug would keep it illegal under federal law. Such a move would, however, permit marijuana companies to utilize Section 280E of the tax code, allowing the industry to deduct business, promotional and other expenses to advance drug sales. Companies would be permitted to advertise and promote kid-friendly THC-infused gummies, candies and drinks and deduct those costs as a business expense.”
~Kevin Sabet, president of Smart Approaches to Marijuana and three-time White House drug policy adviser (Article from “Get Smart About Drugs”)
For those focused on science and medical efficacy, it’s a move that fails to recognize the growing body of scientific and medical data that shows today’s marijuana is more addictive and more harmful than that of previous generations. For pro-pot activists, the move comes up short of fully legalizing their wonder drug. It also does nothing to deal with criminal justice reform.
The move, however, has a clear winner: the cannabis industry. Companies such as Trulieve, Cresco, Canopy Growth and Cronos and their allies Big Tobacco and Wall Street will all see a boon from President Biden’s election-year “reform.”
