MO marijuana industry announces support for federal cannabis rescheduling, which will lead to better research, medical applications and tax parity
This week the Missouri Cannabis Trade Association (MoCannTrade) submitted formal comments to the DEA in support of reclassifying cannabis from Schedule I to Schedule III under the Controlled Substances Act (CSA.) MoCannTrade supports rescheduling because it recognizes cannabis as medicine, it allows for greater research of marijuana, and it treats cannabis small businesses like every other small business by removing the punitive 280E tax code.
Since 1970, marijuana has been listed as a Schedule I drug along with heroin, LSD and ecstasy because the federal government previously determined that there were no currently accepted medical uses for cannabis. The DEA’s proposed change was announced in May and a public comment period on the new rule closes July 22.
“MoCannTrade applauds the DEA for finally and officially recognizing the efficacy and safety of cannabis for medical use,” said Andrew Mullins, MoCannTrade Executive Director. “In 2018, an overwhelming number of Missourians went to polls to proclaim that cannabis is medicine and to authorize the start of a highly successful medical marijuana program in our state. Cannabis rescheduling is a long overdue federal policy shift, which will allow for much greater research and bring parity to marijuana business by treating them like all other small businesses for tax purposes.”
Since Missouri’s first legal marijuana sale in Oct. 2020, Missouri has surpassed $2.5 billion in total cannabis sales and the program has now generated $370 million in sales tax revenue for state and local government programs. The cannabis industry in Missouri direct employs 19,979 Missourians. In 2024 alone, the Missouri cannabis industry is expected to generate $238 million in sales tax revenue.
A link to MoCannTrade’s comments on the proposed cannabis rescheduling rule change can be found here: https://netorgft3806431-my.sharepoint.com/:b:/g/personal/director_mocanntrade_org/EdhUua_LeBFGvs73Xt8AGuMBDIZ21aZjROfYuI5nSJhwNA
MoCannTrade (The Missouri Cannabis Trade Association) is an association of business owners, professionals, patients and consumers responsible for helping to implement successful, safe, compliant medical and adult use cannabis programs in Missouri.
The membership-based association is directed by a board of diverse professionals experienced in cannabis production and retail, healthcare, law, pharma, science, agriculture, law enforcement and security, finance, public affairs and regulatory sectors.
To learn more about MoCannTrade please visit www.mocanntrade.org
