With the DEA set to reclassify marijuana as a less dangerous drug, weed companies will finally get a break from a punitive federal tax rate—and cannabis stocks have already rallied.
In a historic move, the U.S Drug Enforcement Administration will end its ban on cannabis by reclassifying it as a less dangerous drug. According to the Associated Press, the DEA has proposed moving marijuana from its current status as a Schedule I narcotic—alongside heroin and LSD—to Schedule III, which includes drugs such as ketamine, Tylenol with codeine, anabolic steroids and opioid-use disorder medication buprenorphine. The move marks the most significant change in marijuana reform since pot was outlawed by the Controlled Substances Act in 1970.
