RENO, Nev. (KOLO) – The Nevada Cannabis Compliance Board and Department of Taxation acknowledge the Thursday, April 23, federal order reclassifying medical marijuana as less dangerous as a historic development for Nevada’s cannabis industry and the patients it serves, according to a joint news release.
The order opens a path for Nevada medical licensees to register with the Drug Enforcement Agency. It protects federally registered researchers who obtain marijuana from state-licensed sources. In addition, it initiates a state rescheduling hearing to begin Monday, June 29.
This order does not legalize marijuana federally, the release said. It does not change Nevada state law, marijuana remains classified as a Schedule I.
The order does not automatically apply to Nevada dual-licenses for businesses holding medical and recreational cannabis licenses, and does not guarantee tax relief for Nevada dual-licenses. IRS guidance is needed, the release said.
This order does not affect hemp status, the release said.
Both agencies are reviewing the order’s requirements and its interaction with Nevada’s existing regulatory framework, the release said.
The joint statement acknowledged the potential federal tax implications of this order for Nevada cannabis licensees.
Given the significant unresolved questions around the applicability of tax relief to Nevada dual-licensees, and the absence of IRS guidance, both the Cannabis Compliance Board and Department of Taxation advise licensees to refrain from adjusting federal tax filings until authoritative federal direction is available, the release said.
Nevada state tax requirements on cannabis will not change at this time, the release said.
Nevada licensees are advised to continue operating under current state law.
As implementation details become clear, the Cannabis Compliance Board will issue specific operational guidance, the release said.
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