News broke today that the DEA will move to reclassify marijuana from Schedule I to Schedule III. Colorado Leads has already responded to several media inquiries, and you can hear a representative of the organization discuss the news live on the state’s leading talk radio station, KOA 850 AM, tomorrow (May 1) at 6:49 a.m. MT.

Leads also released the following statement:

“This is a truly historic development in federal cannabis policy that will have significant impacts on the legal marijuana industry in Colorado and throughout the nation. This is by no means the end of the line for federal reform, and we will continue to support efforts to treat cannabis more like alcohol, which is in line with the views of most Colorado voters.

“Rescheduling is a major step in the right direction, and its significance cannot be overstated. Perhaps most notably, reclassification under Schedule III will address the 280E tax issue that has unfairly forced state-legal cannabis businesses to pay a far higher effective tax rate than other legal businesses. Allowing marijuana businesses to start deducting ordinary business expenses will allow Colorado companies to retain more revenue, employ more workers, and further invest in their surrounding communities.”

The DEA’s proposal must be reviewed by the White House Office of Management and Budget, and it will then undergo a public comment period prior to final implementation. The experts tell us these periods are typically 30-60 days, but can be 90 days if DEA determines more time is needed.