President Trump is considering rescheduling marijuana, a move that would provide a major boost for the cannabis industry, despite the lack of legalization. The Biden administration had sought to reschedule cannabis from Schedule I to the lesser Schedule III, but the process was left unfinished. Adam Smith, executive director of the Marijuana Policy Project, believes that the DEA has been against reforming cannabis laws. Trump has previously expressed support for its regulation and decriminalization, and he would be voting “YES” on Florida Amendment 3, which would have legalized recreational cannabis in the state.<\/p>\n\n\n\n
Most Americans support cannabis law reform and legalization, with a large majority supporting medical access and personal freedom. Pew Research polling found that only 1 in 10 Americans said marijuana should not be legal at all, with 87% supporting its legalization for medical use, recreation, or both. Rescheduling would still involve federal penalties for marijuana use and possession, and would allow cannabis businesses to no longer be subject to a tax law disallowing businesses dealing in Schedule I or II substances from deducting business costs or credits from their taxes.<\/p>\n\n\n\n
Opponents view marijuana rescheduling as a financial favor to businesses, as it would give huge tax breaks to the marijuana industry. The real-world effect of the new tax advantages would be twofold: huge commercialization in terms of advertising that can now be deducted as expenses and the message that it sends.<\/p>\n\n\n\n