Staff Reports
According to Forbes Magazine, the Department of Health & Human Services is planning on presenting President Joe Biden with a decision regarding the classification of marijuana as a controlled substance in the near future. This is a significant development in the field of regulating marijuana. Unfortunately, Congressman Matt Gaetz of Florida was not able to get a hold of the news.
Congressman Gaetz has been a vocal supporter of the reclassification of marijuana. It’s outrageous that the drug is still regarded as a Schedule I substance, alongside LSD and heroin. Removing it from this list would allow researchers to access it more easily, which is very important to addressing the opioid crisis in the US.
The effects of decriminalizing marijuana are significant. One of the most immediate effects of this move is the removal of the 280E provision of the IRS code, which prevents state-licensed marijuana businesses from claiming business tax deductions. This would greatly improve the operations of these establishments and help them avoid financial crises.
? @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 proposed removal of 280e from the tax code would allow the financial and legal cannabis industry to access new sources of capital and liquidity, which would help alleviate the financial strain that the industry has been experiencing. It would also allow for the establishment of interstate commerce. This move would put an end to the IRS's unfair treatment of the industry.
As a conservative, it's refreshing to see Congressman Gaetz take a stand on the issue of the misclassification of marijuana as a dangerous substance. The Department of Health & Human Services' new recommendation to remove it from the list of controlled substances is a step in the right direction. It will allow us to move toward a more rational policy regarding the use of marijuana.
