Marijuana rescheduling proposed rule comments due by July 22

seekingalpha05-21

In a notice of proposed rulemaking published in the Federal Register, the Department of Justice said it will accept public comments on the potential rescheduling of marijuana to a Schedule III from a ...

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Interestingly, the agency said it is specifically looking for comments on the economic impact the changes would have. \"DOJ requests that commenters provide detailed descriptions in their comments of any expected economic impacts, especially to small entities,\" the notice states. \"Commenters should provide empirical data to illustrate the nature and scope of such impact.\" The document seems to indicate DOJ is seeking information regarding tax breaks and the number of cannabis businesses that could be eligible for them if the rescheduing goes through. \"Section 280E of the Internal Revenue Code bars businesses from claiming tax deductions for otherwise allowable expenses where the business 'consists of trafficking in controlled substances....' If marijuana is ultimately transferred to schedule III, section 280E would no longer serve as a statutory bar to claiming deductions for those expenses.\" Multi-state operators: Ascend Wellness (OTCQX:AAWH), Curaleaf Holdings (OTCPK:CURLF), Cresco Labs (OTCQX:CRLBF), Green Thumb Industries (OTCQX:GTBIF), Trulieve Cannabis (OTCQX:TCNNF), Ayr Wellness (OTCQX:AYRWF), Verano Holdings (OTCQX:VRNOF), and Jushi Holdings (OTCQX:JUSHF). 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