Proposed Reclassification of Marijuana: Tax Implications and Planning Opportunities for Businesses
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October 2024 In May of 2024, the Drug Enforcement Administration (DEA) announced that it would be submitting a proposal to reclassify marijuana from a Schedule I to a Schedule III drug under the Controlled Substances Act. If approved, this reclassification could have significant tax implications for marijuana businesses in states where its sale has already been legalized. It also could have future implications in states where marijuana legalization will soon be on the ballot. View the full article here.
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