Sullum considers it:
Rescheduling marijuana would not affect the legal status of state-licensed cannabusinesses in states such as Colorado and Washington, which would still be criminal enterprises in the eyes of the federal government. But [Dale] Gieringer [of the National Organization for the Reform of Marijuana Laws] notes that rescheduling could remove one of the major financial challenges facing state-legal marijuana suppliers: Section 280E of the Internal Revenue Code prohibits the deduction of business expenses related to “trafficking in controlled substances,” but only for drugs on Schedule I or II. If marijuana were moved to, say, Schedule III, that prohibition would no longer apply.
Schedule III, which is supposed to be for medically useful drugs that can be taken safely and have a lower abuse potential than drugs on Schedules I and II, arguably is appropriate for marijuana because that is where the DEA put Marinol (a.k.a. dronabinol), a synthetic version of THC, marijuana’s main active ingredient. The DEA also has said naturally occurring THC used in generic versions of Marinol belongs on Schedule III.
Recent Dish on marijuana rescheduling here.
(Photo: Matthew Staver/The Washington Post via Getty Images)