On April 29th, the DEA opened a portal for businesses to register their medical marijuana in the federal infrastructure that would eventually allow them to be considered a Schedule III substance. The incentive here is that the businesses would finally be able to receive a tax credit that has been out of reach up until now.
Within four days, over 400 businesses applied, showing the hunger for something like this. If the application was sent before June 26th, the DEA is guaranteeing a 60-day expedited response, which is why so many businesses are trying to get in early. Being able to get past the 280E tax code is completely worth the initial paperwork and application fee of $794. It’s make or break for some of these businesses.
This is only for medical marijuana. The real change starts on June 29th, when the DEA starts a hearing on rescheduling. It’s entirely unclear as to what the DEA will decide in that hearing, but if the idea remains popular with President Trump, it seems likely that the DEA will follow suit.
Read the original story at High Times.
