Marijuana Rescheduled: DOJ Moves Cannabis to Schedule III

The Department of Justice is officially rescheduling marijuana, moving it from Schedule I to Schedule III. This follows an executive order from former President Donald Trump. Acting Attorney General Todd Blanche announced the change, which aims to expand access to medical treatments. This rescheduling allows for more research on marijuana's safety and efficacy, benefiting both patients and doctors. Under the new order, state-licensed medical cannabis products immediately shift to Schedule III. Starting June 29, there will be a new expedited process for broader rescheduling. This change won’t fully legalize cannabis but will remove certain research barriers. It will also help state-licensed marijuana businesses by allowing them to claim federal tax deductions that were previously denied under IRS code 280E. What’s interesting is that while only FDA-approved products will benefit right away, there’s an effort for retroactive tax relief for past years. This development matters because it could improve access to medical marijuana and provide financial relief to businesses operating legally in their states.