The cannabis industry is keeping a close eye on Washington as talk of marijuana reclassification gains momentum. President Donald Trump recently hinted that his administration could move to reschedule marijuana "over the next few weeks," a decision that would mark a historic shift in U.S. drug policy.
Currently, marijuana is classified as a Schedule I drug under the Controlled Substances Act of 1970, lumped together with heroin and LSD. This designation suggests a high potential for abuse and no accepted medical use. However, the landscape has changed dramatically since then. Today, marijuana is fully legal in 24 states and medically legal in 38. Industry leaders argue that marijuana reclassification would bring federal policy more in line with public opinion and state-level reforms.
Rescheduling cannabis from Schedule I to Schedule III would not make marijuana federally legal, but it would significantly ease restrictions. One of the most impactful changes would be tax relief. Right now, cannabis businesses are barred from deducting ordinary business expenses, leaving them with heavy tax burdens. With marijuana reclassification, companies could claim these deductions like any other business.
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