(AURN News) — On Thursday, the Justice Department moved state-licensed medical marijuana from Schedule I to Schedule III under the Controlled Substances Act, a reclassification that delivers substantial federal tax relief to cannabis businesses operating under medical licenses.
Acting Attorney General Todd Blanche said the move fulfills President Donald Trump’s commitment to expanding medical treatment options in the United States.
The order does not include recreational marijuana, which remains Schedule I, where many Black-owned cannabis businesses are concentrated.
States did not begin prioritizing equity licensing in cannabis until adult-use legalization took hold. Medical markets were already established and dominated by well-capitalized, predominantly white-owned operators.
The tax savings unlocked by moving Schedule III are estimated in the billions industrywide. Black business owners in adult-use markets will not see any of it under Thursday’s order.
Click play to listen to the report from AURN White House Correspondent Ebony McMorris. For more news, follow @E_N_McMorris & @aurnonline.
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