The U.S. Drug Enforcement Administration is reviewing a recommendation from the Department of Health and Human Services to reclassify cannabis as a Schedule III controlled substance under U.S. law in a move that sparked a rally by cannabis stocks on Wednesday.
The historic move — more than 50 years after the Schedule I designation — could open up cannabis to interstate trade as well as remove an expensive 280E tax burden that prevents legal cannabis companies from writing off normal business expenses, experts said.
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