DENVER ~ In a recent announcement, the Trump administration revealed that it will be following in the footsteps of Colorado by rescheduling state-licensed medical marijuana and FDA-approved cannabis products from Schedule I to Schedule III. This move, which was praised by Governor Jared Polis, is expected to have a significant impact on patient access and the business operations of medical cannabis companies.

Governor Polis expressed his satisfaction with the decision, stating that it was about time that the federal government caught up with states like Colorado who have been leading the way in safe and regulated cannabis use. By rescheduling marijuana to Schedule III, it will now be in the same category as certain prescription drugs like Tylenol, making it more accessible to patients across the country.

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The change also brings relief to medical cannabis businesses as they will now be able to take standard business deductions instead of being limited under Section 280(e) to only deducting the cost of goods sold. This will bring them more in line with other legal businesses and reduce longstanding tax burdens.

Governor Polis also highlighted that this decision will expand research opportunities and remove unnecessary barriers for legitimate businesses, ultimately improving public safety. While there is still more work to be done in fully descheduling cannabis and aligning federal law with state laws, this move is seen as a step in the right direction.

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