U.S. health officials have recommended marijuana be moved from a Schedule 1 to Schedule 111 drug under federal law.
In an interview with NJ Spotlight News, Rob Mejia, an adjunct professor at Stockton University, said that only after the Food and Drug Administration and U.S. Department of Health and Human Services have made their recommendations will it be up to the Drug Enforcement Administration to do its own assessment. If the recommendation is approved and marijuana is classified as a Schedule 111 drug, Mejia said, the biggest winners will be the owners and operators of marijuana-related businesses.
Currently, said Mejia, under 280E, the part of the tax code that applies to cannabis, the businesses related to it “…had to pay exorbitant taxes … so getting rid of 280E means that’s going to open profitability for the cannabis operators and investment.”
