Legislation to reclassify marijuana under federal law was reintroduced by a Republican U.S. representative from Florida.
Both existing marijuana firms that are struggling due to federal tax constraints and prospective marijuana research institutions would benefit tremendously from the law.
The “Marijuana 1-to-3 Act” was reintroduced by Representative Greg Steube, who is serving his third term in the House, according to a press release from his office.
If passed, the measure will reschedule marijuana from a Schedule 1 position to a Schedule 3 position under the Controlled Substances Act.
This would have far-reaching effects on the cannabis research community and the legal marijuana industry.
Nearly four months after Vice President Joe Biden requested that the scheduling of marijuana be reviewed under federal law, Steube introduced legislation to do just that.
If Steube’s measure were to become law, marijuana businesses would be able to claim a wider range of legitimate business costs on their federal tax returns than is presently allowed.
Steube has attempted to push such legislation all three times during his stints in office.
His prior attempts in 2019 and 2021 failed because the bill never got a floor vote from the then-Democratic majority in Congress.
It is not apparent if Republican House Speaker Kevin McCarthy of California will give Steube’s plan a better chance of passing in a Congress controlled by the GOP.
After reaching out to the Steube office, MJBizDaily did not hear back from them right away.
Steube is among a rising number of Republican House members who are working for federal marijuana legalization and is a consistent legislative advocate for cannabis.
One hundred Republican senators, including him, voted for the SAFE Banking Act.
On January 18th, Steube reintroduced the Veterans Cannabis Use for Safe Healing Act.
If passed, this legislation would prevent the Department of Veterans Affairs from cutting off benefits for veterans who have used cannabis for medical purposes in states where such use is allowed.
