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President Biden Announces Next Step in Reclassification of Cannabis

by Omar Figueroa and Lauren Mendelsohn May 16, 2024   On May 16, 2024, the Biden Administration announced that the United States Department of Justice is taking the next step in the reclassification of cannabis from a Schedule I controlled substance to a Schedule III controlled substance — which would […]

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Understanding the Corporate Transparency Act: Key Insights for Cannabis Business Owners

by Omar Figueroa & Lauren Mendelsohn May 6, 2024   In recent years, the U.S. government has introduced several measures to combat illicit financial activities, with the Corporate Transparency Act (CTA) of 2019 being one of the most significant. Aimed at enhancing transparency within legal entities such as corporations and […]

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Tax Consequences of Federal Rescheduling for Cannabis Businesses

by Omar Figueroa & Lauren Mendelsohn May 2, 2024   We recently wrote that the Drug Enforcement Administration will move to reclassify marijuana as a Schedule III controlled substance.  A recent update by the Congressional Research Service makes clear that rescheduling is predicted to result in significant federal tax relief […]

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Update on the Legal Consequences of Rescheduling Marijuana

by Omar Figueroa & Lauren Mendelsohn May 1, 2024 Yesterday, we wrote that the Drug Enforcement Administration is anticipated to support the reclassification of marijuana from a Schedule I to a Schedule III controlled substance.  Today, the Congressional Research Service issued an updated report on the Legal Consequences of Rescheduling […]

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DEA to reclassify cannabis as a Schedule III controlled substance

by Omar Figueroa and Lauren Mendelsohn April 30, 2024 On April 30, 2024, the Associated Press reported that the “U.S. Drug Enforcement Administration will move to reclassify marijuana as a less dangerous drug.”  The proposal would “not legalize marijuana outright for recreational use” but “would move marijuana from its current […]

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