DEA Rescheduling Of Cannabis Could Create Over 50,000 Jobs, Industry Group Notes In Public Commentary
Portfolio Pulse from Rolando García
The Minority Cannabis Business Association (MCBA) has submitted a public comment advocating for the DEA to reschedule marijuana from Schedule I to Schedule III. This move could create over 50,000 jobs by 2030 and provide significant tax relief to cannabis businesses, which currently face high tax burdens due to IRS Code 280E. The rescheduling could lead to $2.7 billion in additional wages and $5.6 billion in new economic activity.
July 22, 2024 | 7:39 pm
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POSITIVE IMPACT
The rescheduling of marijuana from Schedule I to Schedule III could significantly benefit the cannabis industry, potentially creating over 50,000 jobs and providing substantial tax relief. This would positively impact the ETFMG Alternative Harvest ETF (MJ), which tracks the performance of companies in the cannabis industry.
The rescheduling would alleviate the tax burden on cannabis businesses, leading to increased profitability and economic activity. This would likely boost the performance of the ETFMG Alternative Harvest ETF (MJ), which includes companies in the cannabis sector.
CONFIDENCE 85
IMPORTANCE 90
RELEVANCE 80