08/31/2024
🚨 Important Cannabis Reform Update! 🚨
In early 2024, the HHS and FDA endorsed reclassifying ma*****na under federal law, acknowledging its medical benefits. The DEA signaled support in April, raising hopes for significant changes in the industry. However, after a 60-day public comment period where the majority backed rescheduling, the DEA announced that the final decision would be delayed until after the upcoming election, with a hearing scheduled for December.
This delay is a setback for the cannabis industry, particularly for businesses burdened by current tax laws under Section 280E, which prohibits standard tax deductions. The delay means that cannabis companies might face another year of heavy taxation, adding financial strain to an already challenging environment. While the postponement adds uncertainty, it also offers an opportunity to continue advocating for the changes we need. Stay tuned!