Maine dispensary reacts to federal marijuana reclassification – WMTW
President Donald Trump’s executive order aimed at reclassifying marijuana as a Schedule III substance, or a “less dangerous drug,” is welcome news for Portland dispensary owners like Kristin Pettingill.
“We have never been treated like a small business. And it’s just so exciting that finally we can have some of the same benefits that other small businesses do,” Pettingill said.
The reclassification of marijuana is seen as a victory for cannabis advocates, as it is expected to increase research into possible benefits and open up the availability for people with chronic conditions to access medical marijuana. It also will increase access to CBD products. It is something Pettingill has been waiting on for years from the federal government.
“We’ve been lucky enough that the state of Maine has had different regulations for the last couple of years,” Pettingill said.
Recreational marijuana has been legal in Maine since 2016, but it is still illegal in neighboring states like New Hampshire and at the federal level. Pettingill is excited about the new tax benefits reclassification could bring her, such as deducting business expenses when she goes to file her federal taxes, something she cannot do now.
Reclassification could also help dispensaries’ access to banking, as some shops have faced the challenges of being dropped by local banks. Banks are sometimes hesitant to partner with shops because of their product being a Schedule I substance for years, which is the same level as heroin.
The president’s executive order is expected to rapidly speed up reclassification from the Drug Enforcement Agency.
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