Illinois officials welcome federal move to reclassify cannabis

The Biden administration on Thursday formally proposed reclassifying marijuana from a Schedule I drug to a Schedule III drug on the federal list of controlled substances.

Currently, cannabis is classified in the same category as heroin, LSD, and methamphetamine. If reclassified to Schedule III, it would join Tylenol, testosterone, and anabolic steroids, among others.

The impact of this move will be felt across the country and across Illinois.

Reclassifying marijuana to Schedule III in 24 states, two territories and Washington, D.C., where recreational use is legal, would exempt businesses in those regions from certain tax burdens. .

The move will allow cannabis businesses to take the standard business deduction and align federal law with Illinois tax law, according to the Illinois Department of Financial and Professional Regulation.

Gov. JB Pritzker told Lee Enterprises earlier this month that he believes reclassifying cannabis is the right move and will help many Illinois cannabis businesses with banking.

“I think the federal government's reclassification of marijuana will help Congress pass laws that allow people to do banking in ways they haven't done before,” Pritzker said. Ta. “There are people out there who literally have safes and cash right now. You can imagine the security issues for these pharmacies and other vendors.”

The move would also make it easier to research the drug and allow licensed medical providers to prescribe cannabis and licensed pharmacies to legally fill those prescriptions.

Tiffany Chappell Ingram, executive director of the Illinois Cannabis Business Association, said the organization applauds the move as a statement of support for the safe and legal use of cannabis and community-building.

“In the decades since marijuana was misclassified as a dangerous drug on a par with heroin, Black and brown communities have experienced countless impacts resulting from the war on drugs,” said Chappell Ingram. said.

“While this decision does not legalize marijuana at the federal level, it recognizes the medical benefits of cannabis and reduces the tax burden on marijuana companies by allowing them to receive a federal tax deduction. “It's a big step towards that,” she said. This is the direction for the cannabis industry and our society as a whole, and we hope this continues to pave the way for federal legalization. ”

Reclassification would not legalize state-level programs like Illinois'. But many are hopeful that this could lead to federal decriminalization and legalization at some point in the future.

IDFPR Cannabis Regulation Superintendent Erin Johnson said the department is one of those advocates, based on the success and results seen from Illinois' cannabis industry.

“This includes the removal of minor cannabis-related offenses, a medical program that benefits many Illinoisans, including veterans, and a growing, regulated, and safe cannabis industry. It includes some of the first social equity businesses to go to market with major multi-state operators proudly headquartered in Chicago,” said Johnson. “Illinois is a leader in the cannabis industry and welcomes the federal government's longstanding recognition that cannabis should be regulated, not criminalized.”