News & Analysis as of

Controlled Substances Act Internal Revenue Code (IRC) Marijuana

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

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

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

Harris Beach PLLC

New York Moves to Relieve Cannabis Businesses on Two Fronts

Harris Beach 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

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

Neal, Gerber & Eisenberg LLP

Client Alert: HHS Recommends Rescheduling Marijuana to Schedule III: Implications and Uncertainties for the Industry

Marijuana has long been classified as a Schedule I controlled substance under the Controlled Substances Act of 1970 (the “CSA”), which is defined as a substance with no accepted medical use and a high potential for abuse,...more

McGlinchey Stafford

From Schedule I to Schedule III: Potential Shift in Marijuana’s Legal Status

McGlinchey Stafford on

Major news broke on August 30, 2023, as the U.S. Department of Health and Human Services (HHS) announced that it would recommend moving marijuana from Schedule I to Schedule III, as first reported by Riley Griffin for...more

Troutman Pepper

IRS Launches Cannabis Industry-Focused Compliance Initiative

Troutman Pepper on

It is widely known that trafficking in controlled substances is a crime under federal law. Traffickers and would-be traffickers be warned, however, that if you do choose to make income from trafficking in Schedule I or II...more

Vicente LLP

What Is A Cannabis REIT?

Vicente LLP on

What is a REIT? “REIT” stands for Real Estate Investment Trust. Typically, a REIT is a corporation that has elected to be taxed as a REIT (which provides several tax advantages, including the ability to deduct dividends from...more

Cozen O'Connor

House to Vote to Legalize Cannabis

Cozen O'Connor on

Later this month, members of the U.S. House of Representatives will hold a floor vote on a bill to federally legalize cannabis — the Marijuana Opportunity Reinvestment and Expungement Act, commonly referred to as the MORE...more

Seyfarth Shaw LLP

Section 280E – Why Are We Still Having This Discussion?

Seyfarth Shaw LLP on

If you are in the cannabis industry, you should already know Section 280E of the Internal Revenue Code. It consists of only one sentence...more

Snell & Wilmer

Retirement Plan Dreams May Go Up in Smoke for Marijuana Companies

Snell & Wilmer on

Companies in the medical and recreational marijuana industry continue to face an uphill battle for access to financial services. Although a number of states have legalized the medicinal and/or recreational use of marijuana,...more

Eversheds Sutherland (US) LLP

Legislative update - status and implications of proposed federal cannabis statutes

For years, many have argued that the federal government should legalize marijuana. Despite a vocal minority advocating for legalization, such efforts have largely fallen on deaf ears....more

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