On behalf of the Department of Health & Human Services, the agency's head is planning to recommend to President Joe Biden that marijuana should be decriminalized. This recommendation should come as the agencies work on an administrative review to change the classification of the drug. One Florida congressman, Matt Gaetz, is thrilled by the news.
Congressman Gaetz understands why marijuana should not be regarded as a Schedule I substance alongside other drugs such as heroin and LSD. He believes that there is immense potential for scientific development and research with the rescheduling of marijuana. It’s time for the federal government to acknowledge its medical and therapeutic potential.
Removing the 280e of the Internal Revenue Code would have a major impact on the operations of marijuana businesses. This provision prevents state-licensed enterprises from deducting their business expenses like drug trafficking organizations. Rescheduling the legislation would greatly benefit these establishments, which are currently struggling financially.
🚨 @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
The removal of the 280e would also create new opportunities for the financial services industry to provide loans and working capital to the cannabis sector. It would reduce the risk of doing business in the US and provide a much-needed boost to the cash flow of the industry. It would also allow companies to list on exchanges such as Toronto Stock Exchange.
The recommendation to reschedule marijuana is a significant step in the right direction. It's time for the government to acknowledge the positive effects of the drug and stop treating it unfairly. Congressman Gaetz supports this change, and it's hoped that it will happen soon.