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marijuana industry
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- 1Federal marijuana rescheduling set to reshape medical cannabis businesses●Federal rescheduling to impact taxes, operations of medical marijuana businesses
A move by federal authorities to reschedule marijuana is expected to significantly affect medical marijuana businesses, particularly their taxes and day-to-day operations. Rescheduling from Schedule I could allow cannabis companies to deduct normal business expenses under federal tax law, ending restrictions imposed by IRS Code 280E and easing banking and operational hurdles for operators.