Welcome back to The Week in Weed, your Friday look at what’s happening in the world of legalized marijuana. This week, the DEA has set up a website for medical marijuana applications. The IRS plans to offer tax guidance for state-legal medical cannabis companies. Various states are reacting to rescheduling. And finally, Gavin Newsom has some advice for the President.
Link to DEA APPLICATIONS DEA APPLICATIONS
If you own a medical marijuana business that’s licensed by your state, you can now register with the Drug Enforcement Administration (DEA) for federal protection. The agency’s Medical Marijuana Dispensary Registration Portal is up and running. Be prepared to spend some time on this – it’s not a short form, and it requires quite a bit of information on all aspects of your business.
Link to IRS GUIDANCE IRS GUIDANCE
Meanwhile, over at the Internal Revenue Service (IRS), they’re getting ready to issue guidance on the tax implications of rescheduling. Think 280E relief for state-licensed medical marijuana businesses. Of course, it’s complicated – for more on just how complicated, check out the latest Cannabis Musings substack.
Link to STATE REACTIONS STATE REACTIONS
So how is all of this playing out in the states? In Tennessee, the governor just signed a new law that would prevent the state from following the federal government’s lead in rescheduling. Prior to last week, state agencies could align a drug’s control status within the state with federal law. Now, it will take an act of the Legislature to do that. Breath-holding not advised.
In Iowa, on the other hand, one of the candidates for governor is proposing to legalize adult-use. Rob Sand, the only Democrat in the race, sees tax revenue from cannabis as a way to close the state’s large budget deficit. He also notes the various other options in neighboring states for those who wish to partake.
Link to AND FINALLY AND FINALLY
The White House recently issued an executive order urging federal agencies to take action on approving the use of psychedelics for the treatment of mental illness. California Governor Gavin Newsom (D) had a thought about that.
Be well everyone – we’ll be off next week, but back with more news on May 15.