The Biden administration’s push to reclassify marijuana under federal law would not by itself open the door for pharmaceutical companies to seize control of the $34 billion legal U.S. cannabis industry.
But moving marijuana from Schedule 1 to Schedule 3 would – as has been widely reported – promise tax relief to legal marijuana businesses, a report released Tuesday by the Congressional Research Service confirms.
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Beyond that, for the U.S. cannabis industry’s status quo to drastically change, Congress would need to take further action or the U.S. Department of Justice would have to launch a legal but unprecedented and impractical assault on state-legal marijuana markets.
The new report by Congress’ public-policy think tank analyzes “the legal consequences of the possible move of marijuana”
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