Rescheduling cannabis: Regulatory and tax perspectives on the road ahead

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Earlier this month, Bloomberg reported that the Department of Health and Human Services (HHS) has recommended that the Drug Enforcement Administration (DEA) move cannabis from Schedule I of the Controlled Substances Act to Schedule III.

Such a move would have vast implications for the industry, from opening the door for expanded markets to greatly loosening the tax restrictions currently imposed by IRC Section 280E. But, the road to that point is far from certain.

CohnReznick’s Michael Harlow sat down with two experienced industry professionals to explore their perspectives on the various tax and regulatory questions, implications, and milestones we may see along the road ahead.

Note: The perspectives presented by the speakers do not necessarily reflect the perspective of CohnReznick.

David Feldman is managing partner of Feldman Legal Advisors, which focuses on corporate and securities matters for the cannabis and psychedelics industries. He is also CEO and co-founder of Skip Intro Advisors, a business consulting firm in cannabis and psychedelics.

Nate Pollock is a partner at SouthBank Legal, where he launched a tax controversy practice. Previously, he spent 18 years at the Department of Justice, where his experience included briefing and arguing Section 280E cases on appeal.