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Cannabis companies and advocates applaud President Biden's announcement to reschedule and legalize cannabis, calling it a major leap forward and opportunity to correct long-standing wrongs and improve the industry's cashflow.
The move would in part ease tax burdens on pot shops, which are currently prohibited from deducting expenses from income associated with Schedule I or II substances. Savings on those costs could be passed on to customers, industry leaders said.
Reclassifying marijuana represents a first step toward narrowing the chasm between state and federal cannabis laws. The drug is legal in some form in nearly 40 US states.