King 5 News interviews Gleam Law managing partner Neil Juneja on the DEA’s potential change in cannabis scheduling. The DEA (Drug Enforcement Network), under the Controlled Substances Act (CSA) schedules drugs from Schedule 1 to Schedule 3. The DEA appears to be folloing the recomendation of the United States Department of Health and Human Services to change the criminal and control of cannabis. The primary benefit for the industry and consumers in the short term is the application of IRC 280E, an onerous tax law. IRC 280E disallows deductions for business expenses when trafficking in a Schedule 1 or Schedule 2 drug. This results in an extreme increase in the costs of cannabis producers, processors, and retailers and the additional expense is passed on to consumers. The second immediate benefit of a rescheduling of cannabis is research. Access to both cannabis for research studies as well as access to research funds will be far easier and result in a wealth of scientific data.]
The interview can be watched here.