The federal government has reclassified medical marijuana to a less restrictive category, raising questions about its impact on New Mexico’s cannabis industry.
The federal government has reclassified medical marijuana to a less restrictive category, raising questions about its impact on New Mexico’s cannabis industry.
The federal government has reclassified medical marijuana to a less restrictive category, raising questions about its impact on New Mexico’s cannabis industry.
The federal government has reclassified medical marijuana from a Schedule 1 drug, which includes substances like heroin and LSD, to Schedule 3, considered less dangerous, prompting questions about its impact on New Mexico, where both recreational and medical cannabis are legal.
Consumers at dispensaries across New Mexico, such as Verdes in the Northeast Heights, are unlikely to see immediate changes, but the rescheduling could bring significant changes for business owners. Acting Attorney General Todd Blanche’s order surprised many, including Pat Davis, a former city council president and cannabis expert.
“The thing about today’s order is that it kind of took everybody by surprise,” Davis said.
The reclassification allows companies selling medical marijuana to claim tax write-offs, a benefit previously unavailable to them.
“You finally don’t have to pay those penalties. You’ll be treated like every other business, and you have a fair shot to try to make it in your business without having to pay 20 or 30 percent more than any of the coffee shops to the federal government,” Davis said.
However, Davis noted that the implications for New Mexico remain unclear due to the state’s dual recreational and medical cannabis programs.
“It’s not super clear exactly how they want to interpret this when it relates to states that sell recreational and medical. If I was going to advise a dispensary, I’d tell them, keep your records separate, just like you do today,” Davis said.
Davis added that clarity may come following DEA administrative hearings for the rescheduling of all marijuana, scheduled for the end of June.
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