CHICAGO (WLS) — As the federal government considers reclassifying marijuana to a lower level controlled substance, the billion dollar industry and cannabis community in Illinois say it’s a cause for celebration.
The proposed change is to move cannabis from a Schedule I drug, on par with heroin and fentanyl, to a Schedule III controlled substance.
“I think it’s fantastic,” said Dominique White, people and operations director for Ivy Hall. “A great day in cannabis and a huge win for us. Especially to help destigmatize the plant.”
Ivy Hall was the first social equity licensed dispensary in the state of Illinois, and White said the potential for cannabis to become a Schedule III controlled substance on par with Tylenol with codeine is much needed reform.
“It’s a step closer to getting federally legalized,” she said.
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But dispensary operators say that the biggest win if this goes through would be the tax implications that would allow them and other canna-businesses to finally deduct business expenses.
“It will likely be the difference between being profitable and not,” said Matthew Brewer, co-founder of Grasshopper Lounge in Logan Square.
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