Cannabis dispensaries expect lower prices with reclassification of marijuana – 25 News Now

PEORIA (25News Now) – The Biden administration has made a push to reclassify marijuana as a less dangerous drug.

The proposed rule was sent to the federal government on Thursday after the Department of Public Health found that cannabis has high medical value and low abuse potential.

“They took it to Schedule III, unlike where it previously was, at Schedule I, where you have drugs like heroin, which have a high abuse potential, or if you look at Schedule II, fentanyl, which also has a high abuse potential,” said Tommy Nafso, CEO of NOXX Cannabis in East Peoria.

While marijuana is under Schedule I, cannabis dispensaries are subject to tax provisions that prevent the write-off of certain expenses, such as employee wages.

Nafso says his company’s tax rate equals about 70% of its revenue.

However, that tax code only applies to Schedule I and II classifications. Recognizing cannabis as Schedule III would address that.

“We can provide lower pricing and make more money,” Nafso said. “The way that our customers and East Peoria, Peoria, and Illinois broadly will benefit is that the saving to the business, the tax savings, should be passed onto the customer.”

Although the rescheduling recognizes that marijuana is safer than some other drugs,

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