New Cannabis Initiatives to Reschedule Marijuana Raise Stocks and Expectations

The latest news on marijuana rescheduling is that the federal government has been talking about cannabis a lot lately. It seems that the U.S. federal government is expected to reschedule cannabis to a Schedule III substance in 2024, according to the U.S. Department of Health and Human Services (HHS).

This move is expected to provide relief to the cannabis industry, which has been struggling with market corrections and over taxation. The rescheduling of cannabis is expected to eliminate the burdensome 280E tax regulation, which prohibits businesses from taking normal business deductions on federal tax returns. This is expected to help stabilize and revitalize cannabis businesses.

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As a result of this news, cannabis stocks have been on the rise. However, it is important to note that despite the expected rescheduling decision in 2024, there is little hope for any Congressional progress on SAFE Banking or full legalization. The current contentious political environment combined with election-year posturing will virtually eliminate any momentum for legislative accomplishments during the coming 12 months. The lack of progress will continue to impact the cannabis industry, constraining access to capital and maintaining current financial challenges to the industry.

Please note that investing in stocks involves risks and it is important to conduct thorough research before making any investment decisions.

After the majority of states legalized marijuana in some way individually, perhaps the Schedule I narcotic may finally be reclassified. The federal government still considers cannabis to be a Schedule I narcotic, which is a substance defined as having no medicinal value and a high risk of abuse. Other Schedule I drugs include heroin, MDMA, and LSD. However, the federal government has admitted that cannabis does indeed have therapeutic potential and may not be as dangerous as previously considered. The Department of Health and Human Services (HHS) has recommended to the Drug Enforcement Administration that marijuana be rescheduled to a lower classification. This might render the SAFER Banking Act less critical and could lead to U.S. exchanges allowing the uplisting of U.S. plant-touching companies. The congressional report is a reminder that the road to legal weed is paved with unexpected detours and Congress and the DEA hold the keys.

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#IntheWeedswithSteve Be patient Florida, this too, shall pass! Steven M Smith InspirationalTech.org CEO since 2013.

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