Cannabis Is Now Legally Considered A Schedule 3 Drug
It has officially happened, Donald J Trump has signed the executive order to reschedule cannabis. Now, cannabis has been taken from a Class 1 to a Class 3 substance under the Controlled Substances. At this time, there is more to come in terms of what will take place specifically for legal operators and the cannabis industry overall. This push for reform has been ongoing for over a decade, and now the time has finally arrived. Some basic info that this law will do is allow the IRS to work with legal cannabis businesses. This will be done by giving them tax breaks and incentives.
There is also more to come on how this new bill will impact the Hemp industry after the 2018 Farm bill was recently overturned. This new bill will also allow for better cannabis research. As well as revising the meaning of hemp to ensure that full-spectrum CBD is accessible to patients. Now, to be clear, this bill does not mean cannabis is federally legal; it just means it is seen as less harmful and means to use as a true medicine with more research to come.
Nonetheless, this is a win to some degree for corporate cannabis and marijuana as a whole. But for smaller craft cannabis and small batch operators, this could be devastating to current laws allowing mom and pop brands to coexist in this growing industry. As far as marijuana stocks and how they reacted, it did not take off as some thought. Yet this news came midday, so it is possible that marijuana stock investors have yet to focus on it. But once it’s seen in full by investors, it could impact trading. It is possible that, to close the week, the cannabis sector could be on the rise
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