News & Analysis as of

Internal Revenue Code (IRC) Controlled Substances Act

Holland & Hart LLP

the buzz: Cannabis News & Policy Update | April 2025

Holland & Hart LLP on

Welcome back to the buzz, our monthly cannabis news and policy update. Your at-a-glance source for regulatory developments, agency announcements, and trends impacting the cannabis industry. In this edition of the buzz,...more

ArentFox Schiff

Federal Cannabis Regulation - What to Expect in 2025

ArentFox Schiff on

On January 13, the chief administrative law judge of the US Drug Enforcement Administration (DEA), John Mulrooney, postponed the highly anticipated hearing on the rescheduling of cannabis under the Controlled Substances Act...more

Husch Blackwell LLP

Cannabis Trends in 2025

Husch Blackwell LLP on

2024 was a primarily lean and flat year for the U.S. cannabis industry. The state-legal cannabis industry has been volatile from its inception, and 2024 represented a year of winnowing with many cannabis businesses failing....more

McGlinchey Stafford

Impacts of Cannabis Rescheduling on Bankruptcy

McGlinchey Stafford on

Despite the excitement of many over rescheduling cannabis from Schedule I to Schedule III, the move does not make cannabis “legal” unless it is produced, sold, and used within the tightly regulated parameters of the...more

Morrison & Foerster LLP

DOJ Proposes Rescheduling Marijuana

On May 16, 2024, the U.S. Department of Justice (DOJ) announced a plan to reschedule marijuana under the Controlled Substances Act (CSA) from a schedule I to a schedule III controlled substance. The Attorney General and the...more

McGlinchey Stafford

Paid or Incurred: Marijuana Rescheduling, Taxes, and Section 280E

McGlinchey Stafford on

The cannabis industry knows well the economic burden imposed by Section 280E of the Internal Revenue Code of 1986 (Code). It substantially increases the cost of doing business because it disallows deductions for expenses...more

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

Akin Gump Strauss Hauer & Feld LLP

High Stakes: HHS Shakes Things Up on Marijuana Scheduling and DEA Abides

On May 16th, the U.S. Drug Enforcement Administration (DEA) issued a Notice of Proposed Rulemaking (NPRM) to initiate the rescheduling of marijuana from a Schedule I to a Schedule III drug. The NPRM, which was published in...more

Mintz

Rescheduling Madness: Key Takeaways from the Proposed Rule to Reschedule Marijuana under the CSA

Mintz on

Moving marijuana under the Controlled Substances Act (“CSA”) from Schedule I to Schedule III will bring celebrated changes to the beleaguered state-sanctioned cannabis industries currently operating in 37 states, but will...more

McDermott Will & Emery

IRC Section 280E Will No Longer Apply if Marijuana Is Rescheduled

McDermott Will & Emery on

On May 16, 2024, the US Department of Justice submitted a Notice of Proposed Rulemaking (NPRM) to reschedule marijuana from Schedule I to Schedule III within the Controlled Substances Act....more

Levenfeld Pearlstein, LLC

DOJ Recommends Rescheduling Cannabis – What This Could Mean for the Cannabis Industry

On April 30, 2024, the US Department of Justice recommended that cannabis be rescheduled as a Schedule III controlled substance, a classification shared by prescription drugs such as ketamine and Tylenol with codeine....more

Sheppard Mullin Richter & Hampton LLP

Bridging the Gap: Cannabis Rescheduling to Align Policy with Research

In a much-anticipated move, sources recently reported that the Drug Enforcement Administration (“DEA”) will recommend rescheduling cannabis from a Schedule I substance to a Schedule III substance under the federal Controlled...more

Cole Schotz

Weed it and Reap: Cannabis Rescheduling’s Impact on Tax Deductions

Cole Schotz on

As the state legalization of medicinal and adult-use cannabis spreads across the United States, cannabis producers and retailers are experiencing a rapid increase in production and sales. However, despite this boom in...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

McCarter & English, LLP

DEA’s Plan to Reschedule Cannabis: Implications and Insights

Earlier this week, the Department of Justice proposed reclassifying cannabis from Schedule I to Schedule III under the Controlled Substances Act. The move follows an August 2023 recommendation from the Department of Health...more

Falcon Rappaport & Berkman LLP

Cannabis Rescheduling – A Look Towards the Future of the Industry

The Drug Enforcement Administration (DEA) will call for cannabis to be rescheduled according to a report by the Associated Press. The anticipated rescheduling follows the Department of Health & Human Services’ (HHS) August...more

Ogletree, Deakins, Nash, Smoak & Stewart,...

DOJ Plans to Reclassify Marijuana From Schedule I to Lower-Risk Schedule III Drug

On April 30, 2024, following a months-long process, the U.S. Department of Justice (DOJ) circulated a proposal to reclassify marijuana from a Schedule I to a Schedule III controlled substance. ...more

Tonkon Torp LLP

DEA Reportedly Set to Reschedule Marijuana to Schedule III

Tonkon Torp LLP on

Big news for the cannabis industry: on April 30, 2024, the Drug Enforcement Administration (DEA) announced that it will reschedule marijuana from Schedule I to Schedule III under the Controlled Substances Act (CSA). The Biden...more

Husch Blackwell LLP

BREAKING: DEA Will Reschedule Cannabis to a Schedule III Drug

Husch Blackwell LLP on

The biggest legal shift in the cannabis industry in decades just occurred on the heels of the Drug Enforcement Administration’s (DEA) proposal for cannabis rescheduling. Specifically, as many anticipated, the DEA will...more

The Rodman Law Group, LLC

HHS Releases Support for Rescheduling Marijuana

Marijuana is currently classified as a Schedule I drug under the Controlled Substances Act (“CSA”), defined as a substance having “no currently accepted medical use” and “a high potential for abuse.” Other Schedule I...more

Troutman Pepper Locke

The Continuing Negative Impact of Federal and State Taxation on the Cannabis Industry; Where Do We Go from Here?

Troutman Pepper Locke on

The cannabis industry has experienced significant growth over the past decade, with increasing numbers of states legalizing both medical and recreational use. Currently, cannabis is legal for adults in 24 states and the...more

Harris Beach Murtha PLLC

New York Moves to Relieve Cannabis Businesses on Two Fronts

Harris Beach Murtha PLLC on

Even though adult-use cannabis is legal in the state of New York, marijuana is still considered an illegal controlled substance at the federal level, and that leads to numerous problems for the state’s legal cannabis...more

Rivkin Radler LLP

In NYC, Cannabis Business Expenses Now Deductible

Rivkin Radler LLP on

New York Governor Kathy Hochul signed a bill on Friday, November 20, 2023, that allows New York City cannabis businesses to deduct business expenses paid or incurred in carrying on such business for purposes of determining...more

Bricker Graydon LLP

The Possible Demise of 280E in the World of Cannabis

Bricker Graydon LLP on

The Internal Revenue Code, 26 U.S. Code §280E, is the bane of any business associated with the “trafficking” of Schedule I or Schedule II controlled substances....more

Warner Norcross + Judd

HHS Recommends DEA Reschedule Marijuana from Schedule I to Schedule III – Now What?

Warner Norcross + Judd on

A year ago today on October 6, 2022, President Joe Biden asked the U.S. Secretary of Health and Human Services (HHS) and the U.S. Attorney General to initiate an administrative process to review how marijuana is scheduled...more

44 Results
 / 
View per page
Page: of 2

"My best business intelligence, in one easy email…"

Your first step to building a free, personalized, morning email brief covering pertinent authors and topics on JD Supra:
*By using the service, you signify your acceptance of JD Supra's Privacy Policy.
- hide
- hide