PORTLAND (WGME) — A huge weight has been lifted off Maine cannabis store owners after a new executive order reclassified marijuana.
Thursday, President Donald Trump signed an executive order to reschedule marijuana to a lower drug classification.
The DEA now classifies marijuana as having a moderate-to-low potential for physical and psychological dependence and recognizes its medical use.
Under the order, marijuana’s potential health benefits can now be tested and researched at the federal level.
For Maine cannabis business owners, it means they can now deduct certain tax expenses, something they couldn’t do before.
“All of my clients in the cannabis industry are out here operating at a huge disadvantage, because they can’t deduct business expenses,” Maine attorney Tammie Snow said. “Moving it to Schedule III will take that away, and they will be able to take their tax deductions.”
Recreational marijuana remains illegal at the federal level.
