News & Analysis as of

Controlled Substances Act Tax Revenues

Greenbaum, Rowe, Smith & Davis LLP

Will Rescheduling Cannabis Open the Industry to Increased Financing, Real Estate and Banking Opportunities?

On May 16, 2024, the U.S. Department of Justice (DOJ) issued its proposed rules to transfer cannabis from Schedule I of the Controlled Substances Act (CSA) to Schedule III of the CSA. The DOJ’s proposal follows the U.S....more

Cozen O'Connor

Tax Benefits to Arise from Department of Justice’s Move to Reclassify Marijuana

Cozen O'Connor on

On April 30, 2024, the Department of Justice submitted a formal proposal to the White House to loosen the restrictions placed on marijuana and formally recognize its medical use. Specifically, the proposal would reclassify...more

McGlinchey Stafford

Marijuana Rescheduling is Here: How DEA’s Decision Will Impact Cannabis Businesses

McGlinchey Stafford on

After fifty years, the federal government finally acknowledged that marijuana has medical value and is not as dangerous as heroin. As first reported by the Associated Press and confirmed by Marijuana Moment, on April 30,...more

McGlinchey Stafford

Marijuana & Banking: What’s the Hold Up? Pt. 1 – Conflicting Legal Landscapes

McGlinchey Stafford on

Today, nearly four-fifths of the United States have regulated medical marijuana markets. Nearly half of the United States, consisting of twenty-one states along with Washington, D.C. and Guam, have acted to legalize...more

Rivkin Radler LLP

Cannabis & the Mid-Terms: What Tax Policy?

Rivkin Radler LLP on

On October 6, 2022, the President announced three changes in the Federal government’s policy toward cannabis: 1.He pardoned all prior Federal offenses of simple possession of marijuana; 2.He urged governors to do the same...more

Seyfarth Shaw LLP

Federal vs. State Approaches to Cannabis: Recent DEA Data Shows Increase In Enforcement While States Move Toward Decriminalization...

Seyfarth Shaw LLP on

One might think that the recent uptick in the legalization of recreational marijuana usage would correlate with a decline in the arrests and seizures related to the leafy-green. According to recent data from the Drug...more

Rivkin Radler LLP

The Deduction of Cannabis Business Expenses Following New York’s 2023 Budget

Rivkin Radler LLP on

The 2023 Budget- Last week, the New York Legislature passed the State’s 2022-2023 Budget. The $220 billion Budget reflects an $8 billion increase over last year’s budget (a more than 3 percent jump). It is also $4 billion...more

Fox Rothschild LLP

On The Issue Of Legalized Marijuana, Amazon Asks For MORE

Fox Rothschild LLP on

In a recent blog post, Amazon CEO Dave Clark expressed his public support for the federal Marijuana Opportunity Reinvestment and Expungement Act of 2021 (MORE Act). The company also announced that it will stop screening or...more

Sheppard Mullin Richter & Hampton LLP

Cannabis Gets Go-Ahead from House, But Still Faces Hurdles Before Federal Legalization

On Friday, the United States House of Representatives voted to approve The Marijuana Opportunity and Expungement Act (MORE Act), which would decriminalize cannabis. This vote marks the first time that a chamber of Congress...more

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