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Arkansas Times
Arkansas news, politics, opinion, restaurants, music, movies and art
On Thursday, President Donald Trump signed an executive order that downgrades some of the restrictions on cannabis, a move that dispensary operators say will help their bottom lines.
The order moved medical marijuana and related products from a Schedule I classification, where LSD and heroin are placed, to Schedule III, where it now sits alongside such substances as ketamine and anabolic steroids. The classifications are dictated by the U.S. Controlled Substances Act.
Marijuana is still illegal, however, and the loosening of restrictions only applies to medical marijuana.
The presidential order is a move in the right direction, according to two Arkansas dispensary operators, who said more could come out of a DEA hearing in late June. Both operators said the change will allow them to take business expenses off their taxes in the same way that any other business can do.
“Right now, if we do a million dollars in gross and make $500,000 and have $250,000 in expenses, we pay taxes on $500,000,” said Brian Renk, a managing partner at Natural Relief dispensary in Sherwood. “So this is a huge thing for our state, for any state that has medical licenses. It is righting the federal business wrongs from the IRS.”
Renk said the presidential order starts the process of easing restrictions on medical marijuana and that those changes would – he hoped – be finalized at the DEA hearing.
“The executive order really doesn’t do anything,” he said. “But it does start the process for the DEA to change the schedule for medical marijuana.”
Even if the hearing goes well in the eyes of dispensary operators, Renk said, there will likely be lawsuits objecting to the changes, and it will take the IRS three to six months to rewrite the tax laws.
“So we have a fairly lengthy period of time ahead of us before anything can be implemented,” he said.
Forty states and Washington, D.C., now have medical marijuana. In Arkansas, where a maximum of 38 dispensaries can operate, medical marijuana has grown into a roughly $291 million annual market with more than 100,000 registered patients and more than $1 billion in cumulative sales since launching in 2019.
Amanda Strickland, CEO of The Source dispensary in Rogers, said there are many unknowns associated with the executive order, including how the DEA will oversee dispensary operations in the state.
“We want to work with the state and harmonize how Arkansas oversees us and the DEA will do it,” Strickland said. “We are very heavily regulated right now so I would hope that that works to our favor when the DEA steps in.”
Strickland said state oversight requires dispensaries to keep up with each and every plant with a program called “seed to sale.”
“We get a product from a company in Cotton Plant, and we can go back and see video footage of those plants as babies,” she said. “We are extremely regulated already.”
Strickland said she was excited by the change in status for medical marijuana and possible further easing of restrictions because it will mean that more research will be possible. As things stood, testing was difficult because of the federal laws against marijuana.
“More testing will result in better products, better prices and more trusted products,” she said. “Right now, many doctors don’t feel comfortable prescribing medical marijuana. This could change that.”
She also said just simply doing business could become much easier.
“Banking technology isn’t available to us because of how marijuana is classified,” Strickland said. “So we’ve had to create pay systems ourselves, and they’re just not that good. Don’t get me started on that.”
Much is riding on the June hearing, Strickland said.
“We are still watching this unfold,” she said. “We’re not jumping any gun.”
In a time when critical voices are increasingly silenced, the Arkansas Times stands as a beacon of truth, tirelessly defending the fundamental rights and freedoms within our community. With Arkansas at the epicenter of a sweeping culture war affecting our libraries, schools, and public discourse, our mission to deliver unflinching journalism has never been more vital. We’re here to hold power accountable, but we can’t do it alone. By contributing today, you ensure that independent journalism not only survives but thrives in Arkansas. Together, we can make a difference — join the fight.
Get top news stories, highlights of local entertainment and breaking news in your inbox.
Founded in 1974, the Arkansas Times is a lively, opinionated source for news, politics & culture in Arkansas. Our monthly magazine is free at over 500 locations in Central Arkansas.
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Together, we can make a difference. Donate today.
Not a subscriber yet? Get a full month of unlimited access for just $1.
Arkansas is changing fast, and we’re here to help you make sense of it. Sign up today and receive the news that’s important to you straight to your inbox.
Arkansas Times
Arkansas news, politics, opinion, restaurants, music, movies and art
On Thursday, President Donald Trump signed an executive order that downgrades some of the restrictions on cannabis, a move that dispensary operators say will help their bottom lines.
The order moved medical marijuana and related products from a Schedule I classification, where LSD and heroin are placed, to Schedule III, where it now sits alongside such substances as ketamine and anabolic steroids. The classifications are dictated by the U.S. Controlled Substances Act.
Marijuana is still illegal, however, and the loosening of restrictions only applies to medical marijuana.
The presidential order is a move in the right direction, according to two Arkansas dispensary operators, who said more could come out of a DEA hearing in late June. Both operators said the change will allow them to take business expenses off their taxes in the same way that any other business can do.
“Right now, if we do a million dollars in gross and make $500,000 and have $250,000 in expenses, we pay taxes on $500,000,” said Brian Renk, a managing partner at Natural Relief dispensary in Sherwood. “So this is a huge thing for our state, for any state that has medical licenses. It is righting the federal business wrongs from the IRS.”
Renk said the presidential order starts the process of easing restrictions on medical marijuana and that those changes would – he hoped – be finalized at the DEA hearing.
“The executive order really doesn’t do anything,” he said. “But it does start the process for the DEA to change the schedule for medical marijuana.”
Even if the hearing goes well in the eyes of dispensary operators, Renk said, there will likely be lawsuits objecting to the changes, and it will take the IRS three to six months to rewrite the tax laws.
“So we have a fairly lengthy period of time ahead of us before anything can be implemented,” he said.
Forty states and Washington, D.C., now have medical marijuana. In Arkansas, where a maximum of 38 dispensaries can operate, medical marijuana has grown into a roughly $291 million annual market with more than 100,000 registered patients and more than $1 billion in cumulative sales since launching in 2019.
Amanda Strickland, CEO of The Source dispensary in Rogers, said there are many unknowns associated with the executive order, including how the DEA will oversee dispensary operations in the state.
“We want to work with the state and harmonize how Arkansas oversees us and the DEA will do it,” Strickland said. “We are very heavily regulated right now so I would hope that that works to our favor when the DEA steps in.”
Strickland said state oversight requires dispensaries to keep up with each and every plant with a program called “seed to sale.”
“We get a product from a company in Cotton Plant, and we can go back and see video footage of those plants as babies,” she said. “We are extremely regulated already.”
Strickland said she was excited by the change in status for medical marijuana and possible further easing of restrictions because it will mean that more research will be possible. As things stood, testing was difficult because of the federal laws against marijuana.
“More testing will result in better products, better prices and more trusted products,” she said. “Right now, many doctors don’t feel comfortable prescribing medical marijuana. This could change that.”
She also said just simply doing business could become much easier.
“Banking technology isn’t available to us because of how marijuana is classified,” Strickland said. “So we’ve had to create pay systems ourselves, and they’re just not that good. Don’t get me started on that.”
Much is riding on the June hearing, Strickland said.
“We are still watching this unfold,” she said. “We’re not jumping any gun.”
In a time when critical voices are increasingly silenced, the Arkansas Times stands as a beacon of truth, tirelessly defending the fundamental rights and freedoms within our community. With Arkansas at the epicenter of a sweeping culture war affecting our libraries, schools, and public discourse, our mission to deliver unflinching journalism has never been more vital. We’re here to hold power accountable, but we can’t do it alone. By contributing today, you ensure that independent journalism not only survives but thrives in Arkansas. Together, we can make a difference — join the fight.
Get top news stories, highlights of local entertainment and breaking news in your inbox.
Founded in 1974, the Arkansas Times is a lively, opinionated source for news, politics & culture in Arkansas. Our monthly magazine is free at over 500 locations in Central Arkansas.
Sign in by entering the code we sent to , or clicking the magic link in the email.
Privacy Policy. This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.
Get the best of Arkansas Times directly in your email inbox.
Sending to:
Already have an account? Sign In.
$1 for your first month!
$120 per year upon renewal
$10 per month
Subscriptions auto-renew. Cancel anytime, hassle-free.
source