Henrietta, N.Y. (WHAM) — The Drug Enforcement Administration could soon reclassify cannabis as a Schedule 3 substance, a historic move from the Controlled Substances Act of 1970, which classified cannabis in the same category as heroin and LSD.
BACKGROUND: DEA suggests reclassifying marijuana, recognizing medical use and lower abuse risk
“It’s past time for Congress to catch up with public opinion and to catch up with the science,” said Sen. Chuck Schumer.
Particularly relating to taxation and banking restrictions, reclassification could mean changes to the way business is done for dispensary owners. Ryan Martin opened Monroe County’s first state-licensed dispensary.
“I’ve heard it before,” said Martin, who is hopeful yet skeptical. Businesses like his are faced with steep banking fees and restrictions due to cannabis’ Schedule 1 status. Reclassification could change that.
“I will be able to write off more for sure,” said Martin. “It would be great. Right now, all I can write off is the product that we bring in here. It would allow me a lot more flexibility and more profit margins.”
Jamel Young, co-owner of Good Life Dispensary, is excited about the prospect of reclassification. For him, more tax write-offs and fewer restrictions mean more money he’ll be able to invest in