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MARIJUANA MOMENT
DOJ SEEKS INPUT ON ‘UNIQUE ECONOMIC IMPACTS’ OF MARIJUANA RESCHEDULING FOR
‘MULTIBILLION DOLLAR INDUSTRY’
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POLITICS
DOJ SEEKS INPUT ON ‘UNIQUE ECONOMIC IMPACTS’ OF MARIJUANA RESCHEDULING FOR
‘MULTIBILLION DOLLAR INDUSTRY’
Published
2 seconds ago
on
May 20, 2024
By
Kyle Jaeger
The Justice Department says it is interested in receiving public comments on the
“unique economic impacts” of its marijuana rescheduling proposal given that
state-level legalization has created a “multibillion dollar industry” that
stands to benefit from possible federal tax relief under the reform.
In its notice of proposed rulemaking that’s set to be published in the Federal
Register on Tuesday, DOJ said “marijuana is subject to a number of State laws
that have allowed a multibillion dollar industry to develop,” and the department
“acknowledges that there may be large impacts related to Federal taxes and
research and development investment for the pharmaceutical industry, among other
things.”
The Justice Department’s move to place cannabis in Schedule III, rather than
Schedule I, of the Controlled Substances Act (CSA) has already generated intense
public interest. And the 60-day public comment period that will formally open
this week is expected to see a wide-range of feedback from advocates,
stakeholders, opponents and others.
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confusion and memory loss compared to non-users. Recreational cannabis use is
'significantly' linked to lower cognitive decline - which is notable as
cognitive decline is linked to dementia later in life. Recreational cannabis use
was significantly associated with 96% decreased odds of cognitive decline
compared to non-users. A possible reason for this is that people often use
marijuana to cope with sleep issues - poor sleep quality is a huge factor in
developing dementia.
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But DOJ said in its draft notice posted on Thursday that it is “specifically
soliciting comments on the economic impact of this proposed rule. DOJ will
revise this section at the final rule stage if warranted after consideration of
any comments received.”
The department also said it’s “concluded that this action may have a significant
economic impact on a substantial number of small entities,” in large part
because a current ban that prevents state-licensed cannabis businesses from
taking federal tax deductions under an Internal Revenue Service (IRS) code known
as 280E “would no longer serve as a statutory bar” if marijuana is moved to
Schedule III.
> “If marijuana is ultimately transferred to schedule III, section 280E would no
> longer serve as a statutory bar to claiming deductions for those expenses.”
“In addition, small entities engaged in research on marijuana may be subject to
different research protocols set by [the Drug Enforcement Administration] DEA if
the research is conducted on a schedule III substance rather than a schedule I
substance,” the notice says. “However, DOJ is currently not in a position to
estimate the number of small entities affected by these or other potential
effects of this action. DOJ seeks comment and additional information to inform
its analysis.”
When President Joe Biden announced the administration’s rescheduling action on
Thursday, he described it as consistent with his belief that nobody should be
jailed over cannabis possession. As a statutory matter, that wouldn’t
necessarily apply with simple rescheduling because it’d remain federally
illegal. But the White House has not publicly commented on the economic impacts
of the incremental reform.
On the one hand, many advocates have welcomed the rescheduling determination,
given that it represents the first time in over 50 years that the federal
government has recognized the medical value and relatively low abuse potential
of a plant that’s been legalized in some form in the vast majority of states.
On the other hand, activists have emphasized that rescheduling does not
federally legalize marijuana or provide corrective relief to people who’ve been
criminalized over it. And, of course, prohibitionists have urged DEA to keep
marijuana in Schedule I and are expected to litigate if the agency moves forward
with the incremental reform.
DEA Administrator Anne Milgram has also acknowledged the possibility of an
administrative hearing to gain further input on the decision before its
finalized.
The Congressional Research Service (CRS) has also weighed in on the rescheduling
development, saying in a report that while it was “likely” that DEA would enact
the policy change, that would not bring state markets into compliance with
federal law. It added that Congress still has the authority to address the
federal-state cannabis policy gap “before or after” that reform is enacted.
To that end, Senate Majority Leader Chuck Schumer (D-NY) and colleagues
have reintroduced legislation to federally legalize cannabis and impose certain
regulations. The bill’s prospects are dubious in the current divided Congress,
however.
Meanwhile, the top Democrat in the U.S. House said that the Biden
administration’s move to reschedule marijuana is a “step in the right
direction,” but it should be followed up with congressional action such as
passing the legalization bill Schumer filed.
In a recent interview with Fox News, former DEA Administrator Asa Hutchinson
said it “absolutely looks like” the agency will follow through with moving
marijuana from Schedule I to Schedule III under the CSA.
Biden has separately issued two rounds of mass pardons for people who’ve
committed federal marijuana possession offenses. Again, a Schedule III
reclassification would not legalize cannabis or free people still incarcerated
over cannabis.
It should also be noted that, during his run for the presidency, Biden pledged
to move cannabis to Schedule II—a stricter category compared to what’s been
proposed by his administration.
> Biden ‘Smokes’ Trump On Marijuana Policy, Campaign Says After President’s
> Rescheduling Announcement
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Kyle Jaeger
Kyle Jaeger is Marijuana Moment's Sacramento-based managing editor. His work has
also appeared in High Times, VICE and attn.
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