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Will Rescheduling Come In Time To Help The Marijuana Industry

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The Biden keeps sort of promising/pushing rescheduling – will be in time to help the industry this year? 

The public has turned a corner about marijuana use. Except for a few older members in Congress (Mitch McConnell being one), the majority of the US and Canadians believe cannabis should be legal. The American Medical Association, founded in 1847 and long the platinum standard of medical decision in the US, has declared marijuana has medical benefits.  But the older members of the current administration, and most likely Biden himself, are still reluctant to make a move to help patients, people and the industry. The concern is will rescheduling come in time to help the marijuana industry in 2024.

RELATED: California or New York, Which Has The Biggest Marijuana Mess

In October of 2022, in order to fulfill a campaign promised to younger voters, the government decided to look at scheduling. Both Health and Human Services (HHS) and the Food and Drug Administration (FDA) did the research and recommended to the Drug Enforcement Agency (DEA) to reschedule it from a dangerous drug to one with health benefits. While the DEA has never not followed their decision, the DEA has been quiet about doing so regarding cannabis. And time has marched on, rumor was it would be declared by the end of 2023, then 4/20, now maybe the end of summer.

And while customers continue to spend on legal weed, the underpinning of of the industry is crumbling with zero tax benefits, onerous decisions and a business stigma. The Vice President mentioned it should move forward and the President tried to take credit during his State of the Union address, but nothing has happened.

A key benefit is rescheduling would allow the industry typical business tax write offs. Currently, businesses which touch the plant can take zero tax deductions, but have the gift of extra business expenses. Rescheduling with give an industry with 50+% mom and pop businesses a chance. A decision will have to be made by the beginning of October to have any sway with young voters for the election, but will be it be too late to help this year? And how many small businesses will be hurt or be forced to close.

In political circles, it is clear while this isn’t a policy wanted by Biden and his team, it is a necessary one to help attracting increasingly distant younger voters. The DC rumor mill says a decision will be made in the fall if a decision is “need” or if they have regained enough ground with young voters.

Lonnie Rosenwald from Zuber Lawler shared “Whether the timing of rescheduling makes a difference depends on the effective date. For example, if the effective date is January 1, 2025, companies could deduct their ordinary and necessary business expenses on their 2025 federal income tax returns.”

“Rescheduling could be retroactive, in which case companies would need to file amended returns claiming deductions for past years quickly enough to avoid the running of the statute of limitations. Finally, if rescheduling is effective in 2024, it should be retroactive to January 1, 2024, regardless of the specific effective date of rescheduling. Companies that overpaid their 2024 taxes in making quarterly payments prior to the effective date of rescheduling would be able to claim deductions for ordinary business expenses for the entire year, and to receive refunds in 2025 for their overpayments.”

The general feel in the industry is the rescheduling decision needs six months of runway to go into effect before the elections. However, there is the potential to skip the interim process and go right to a final ruling and, in theory, this could happen as late as September.



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The Feds Have Until November To Help Veterans

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Soldiers have returned with PTSD and other serious ailments. The AMA and science said medical marijuana can help – but time may be running out.

In an acknowledgement from the medical community, the American Medical Association supports the rescheduling of cannabis to a Schedule III because it has proven medical benefits. A portion of the medical benefits help soldiers returning from service with both physical and mental scars. Unfortunately, time may be running out to help.

RELATED: California or New York, Which Has The Biggest Marijuana Mess

Both Health and Human Services (HHS) and the Food and Drug Administration (FDA) did the research and agreed to the rescheduling. They are important organizations being clear it will help are military veterans. PTSD is real to the point of over 30,000 active duty personnel and veterans who have served in the military since 9/11 have committed suicide. That is the roughly the same amount of wiping out all of Fairbanks, Alaska.  More veterans committed suicide, almost 100,000, after Vietnam, than in the war (roughly 58,000). Opioid addiction, which medical marijuana can combat, is raging among veterans with PTSD and chronic pain. But leaders like Mike Johnson (R-LA) have worked hard to block help.

Photo by SDI Productions/Getty Images

While veteran facilities are federal property and therefore do not allow marijuana on premise, even in legal states, they have become supportive of medical marijuana. There have been significant treatment changes including:

  • Veterans will not be denied VA benefits because of marijuana use.
  • Veterans are encouraged to discuss marijuana use with their VA providers.
  • VA health care providers will record marijuana use in the Veteran’s VA medical record in order to have the information available in treatment planning. As with all clinical information, this is part of the confidential medical record and protected under patient privacy and confidentiality laws and regulations.

The clear case for medical marijuana has been proven by science, but with veterans, it is an important step to helping them in a return to civilian life. Representative Johnson has indicted with more control, marijuana could return to the outlaw status and the new GOP VP has stated he is not a fan of cannabis. The DEA must follow the recommendations and make a move quickly for this to happen and to help soldiers.

RELATED: Science Says Medical Marijuana Improves Quality Of Life

Bipartisan congressional lawmakers are seeking to remove a controversial section of a Johnson approved spending bill which would block the Justice Department from rescheduling marijuana.



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Marijuana Can Bond Grandparents To Family

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Like wine with dinner or a beer in the backyard, marijuana is becoming very common.

With almost 60% of adults drinking alcohol, it has been a staple of family events. Relatives including grandparents, cousins, adult grandkids and more have sat at a table and toasted with beer, wine or booze….and now cannabis may be in the mix.  As legalization has grown, cannabis is being embraced by more people and is popping at all sorts of family gatherings. And, it seems, marijuana can bond grandparents to family.

RELATED: The Most Popular Marijuana Flavors

In a third party survey sponsored by Sanctuary Wellness, some interesting data has given hope about intergenerational bonding. There are all sorts of concerns about boomers and Gen Z not relating, but marijuana like music is showing a positive trend. Nearly one in three have tried cannabis, far less than alcohol, but still a significant number.  In the survey, Millennials use the most followed closely by Gen X then Gen Z and finally Baby Boomers. And while a whopping 86% of Gen Z and Millennials support the legaization of weed…a full 71% of Baby Boomers do also.

Gen Z is slowly turning away from alcohol and feel they have way more stress than their grandparents.  Due to the embrace from the medical community, Boomers are starting to see cannabis as aid in dealing with chronic pain and sleep issues. The plant can be very effective without as many harsh side effects.

Once interesting factor in the survey is the use of gummies. Microdosing has become huge and Gen Z sees it as a way to manage anxiety.  With gummies, you see 76% use of Baby Boomers and 72% with Gen Z….far higher than Millennials and Gen X.

RELATED: The Most Popular Marijuana Flavors

For many Europeans, alcohol is a part of their culture and viewed as a social activity. In Italy for example, children are eased into drinking with a bit of wine at dinner. They’re taught from an early age that alcohol is something to drink casually and in moderation. Alcohol abuse is less coming in Italy and France due to the generation training.  Maybe marijuana, which has clear medical benefits, could be another thing which generations share to make for a better life.



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Data Says Summer Is The Time To Try New Things

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While in school, summer was the dream. Weeks of days open to adventure, sleeping in, exploring and hanging with friends. It held a magical quality and there usually always seemed something new to try. It turns out people carry the feeling into adulthood, in fact, a majority of adults see the summer as a chance for a bit of adventure.

RELATED: Science Tells Us How Marijuana Makes Us Feel Happy

Not everything is crazy like a cross country road trip, but maybe having different foods, camping or learning to grill. Data says summer is the times to try different things. One survey was clear 59% of people want to try something new this summer. Among the desires include 17% cited a desire to go to see a new state or city, while more than a third (39%) said seeing friends and family is a must for their summer vacation. Going bungee jumping, paragliding, trying marijuana and making your ice cream are also things people want to explore.

Photo by Cassie Gallegos via Unsplash

Some people have already made or have completed some of their summer wish list. Among the actives include waterskiing (44%), wakeboarding (43%), surfing (41%). Other want to learn something new like how to make water balloons, bowling and gardening. Others want to attend outdoor concerts, travel and most of explore.

And, some want to experiment with craft cocktails, summer drinks, and marijuana.

RELATED: The Best Hydrating Cocktails For A Hot Weekend

Studies have previously discovered teenagers and college students were more likely to try alcohol, tobacco, or marijuana for the first time during summer months, but a study published in the Journal for General Internist Medicine, focused its attention on age groups including adults. In addition, the researchers were interested in the time of initiation for cocaine and hallucinogenic drugs for various demographics.

Palamar, an associate professor in the Department of Population Health at NYU School of Medicine, and other researchers suggested an explanation for why people were more likely to experiment with drugs in the summer. The emergence of music festivals and outdoor concerts along with more free time in the summer.



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