DOJ Seeks Input On ‘Unique Economic Impacts’ Of Marijuana Rescheduling For ‘Multibillion Dollar Industry’

The Justice Department says it is interested in receiving public comments on the “unique economic impacts” of its marijuana rescheduling proposal given that state-level legalization has created a “multibillion dollar industry” that stands to benefit from possible federal tax relief under the reform.

DOJ said in its draft notice posted on Thursday that it is “specifically soliciting comments on the economic impact of this proposed rule. DOJ will revise this section at the final rule stage if warranted after consideration of any comments received.”

The department also said it’s “concluded that this action may have a significant economic impact on a substantial number of small entities,” in large part because a current ban that prevents state-licensed cannabis businesses from taking federal tax deductions under an Internal Revenue Service (IRS) code known as 280E “would no longer serve as a statutory bar” if marijuana is moved to Schedule III.

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