President Trump’s decision to move cannabis from a Schedule I drug—where it was treated like heroin—to Schedule III is a major shift.
Cannabis advocates are calling it a big step forward.
Jack Cardetti with the Missouri Cannabis Trade Association told Missourinet that this change was long overdue.
“For 50 years now, the federal government has classified cannabis as a Schedule I narcotic, the most severe type of narcotic out there,” said Cardetti. “I mean, we really support federal rescheduling. First and foremost, is it finally, with the federal government recognizes cannabis as medicine.”
Cardetti said he believes the reclassification will help legal cannabis businesses in Missouri.
“It treats them for tax purposes like any other business that’s operating in this country,” said Cardetti. “Which means it’s allowed to deduct the wholesale cost of their products, and they essentially pay taxes on their net revenue, not the gross revenue.”
Cardetti told Missourinet that this will allow more banks to start talking with cannabis businesses.
“This is going to allow potentially more banks to come into that fold and provide sort of basic services,” said Cardetti. “But it’s not going to be the wholesale change in federal policy that a safe banking federal legislation would bring about.”
Cardetti estimates cannabis sales in Missouri generated more than $250 million in tax revenue for state and local governments this year.
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