Will Rescheduling Cannabis Help State-Legal Dispensaries With Their Taxes? Probably Not Any Time Soon

Contributing sentiments towards policy:

61% : the business of marijuana.
57% : Which brings us back to President Biden's request for a review of how marijuana is scheduled under federal law.
48% : The President asked the Secretary of Health and Human Services and the Attorney General to "initiate the administrative process to review expeditiously how marijuana is scheduled under federal law."
48% : Marijuana is currently listed as a Schedule I substance under the Controlled Substances Act (passed in 1970), which organizes narcotic substances into five "schedules."
48% : Should marijuana be rescheduled down to Schedule III (or IV or V) state-legal marijuana business would be allowed to deduct COGS and direct and indirect business expenses.
46% : IRC § 280E states that drug dealers (including marijuana dispensaries in states where marijuana has been legalized at the state level) may not deduct business expenses related to business income from trafficking in Schedule I or Schedule II controlled substances.
40% : But what does drug scheduling and marijuana's schedule specifically have to do with taxes?
40% : Nevertheless Benda believes that should marijuana be rescheduled, or even descheduled, it might lead the IRS to settle more cases rather than taking them all the way to court.

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