A new Crazy Rally could Happen!Forbes:
a top official at the Department of Health and Human Services released one of the most consequential announcements ever made at the federal level concerning cannabis prohibition. The agency formally recommended that cannabis be moved from Schedule I of the Controlled Substances Act, a classification for drugs that have a high potential for abuse and no recognized medicinal value, to the much less restrictive Schedule III.
Rescheduling marijuana could have a significant impact on the revenue of marijuana companies. Currently, marijuana is classified as a Schedule I controlled substance under the federal Controlled Substances Act (CSA), which means that it is considered to have a high potential for abuse and no accepted medical use. This classification makes it difficult for marijuana companies to access traditional banking services and to deduct ordinary business expenses from their taxes.
If marijuana were to be rescheduled to a less restrictive schedule, such as Schedule III, it would no longer be considered a controlled substance and would be subject to fewer federal regulations. This would allow marijuana companies to access traditional banking services, deduct ordinary business expenses from their taxes, and potentially expand into new markets.
According to a study by the Marijuana Policy Project, rescheduling marijuana to Schedule III could increase the revenue of marijuana companies by up to 40%. The study also found that rescheduling could create over 100,000 new jobs in the marijuana industry.
Of course, there are also some potential downsides to rescheduling marijuana. For example, it could lead to increased federal regulation of the industry, which could raise costs for marijuana companies. Additionally, rescheduling could make it easier for minors to access marijuana, which is a concern for many public health experts.
Overall, the impact of rescheduling marijuana on the revenue of marijuana companies is likely to be positive. However, there are also some potential downsides that should be considered.
Here are some specific ways that rescheduling marijuana could affect the revenue of marijuana companies:
* **Increased access to banking services:** Currently, marijuana companies are largely unable to access traditional banking services due to the fact that marijuana is still illegal under federal law. This makes it difficult for them to operate and to collect payments from customers. Rescheduling marijuana would allow them to access traditional banking services, which would make it easier for them to operate and to manage their finances.
* **Deductibility of business expenses:** Currently, marijuana companies are not allowed to deduct ordinary business expenses from their taxes. This is because marijuana is still illegal under federal law. Rescheduling marijuana would allow them to deduct these expenses, which would reduce their tax liability and improve their bottom line.
* **Expansion into new markets:** Currently, marijuana is only legal in a handful of states. Rescheduling marijuana could open up the possibility for marijuana companies to expand into new markets, such as those where medical marijuana is legal but recreational marijuana is not. This would create new opportunities for growth and revenue.
Overall, rescheduling marijuana is likely to have a positive impact on the revenue of marijuana companies. However, there are also some potential downsides that should be considered.
The 2021 Rally was wild..!
