The Thomas C. Slater Compassion Center has been in operation for 10 years and, like other marijuana dispensaries, has faced significant financial challenges. The federal government considers marijuana to be among society’s most dangerous drugs.
Being classified as a “Schedule 1” substance, in the same category as heroin and LSD, means pharmacies are prohibited from receiving regular business tax deductions. And most banks are reluctant to do business with pharmacies for fear of being accused of illegal drug activity.
However, the Department of Justice is currently considering reclassifying marijuana as a “Schedule 3” drug. Common category with less dangerous drugs like Tylenol, which contains codeineHowever, marijuana will remain illegal at the federal level.
How will cannabis rescheduling affect Rhode Island businesses?
Rescheduling will reduce federal taxes for pharmacies. And they assure the public at large that the products they sell do have medicinal properties, said Slater spokesman Chris Reilly.
“It’s a great development,” he said. “At the Slater Center, we have known for some time that patients derive medical benefits from using cannabis for a variety of conditions. By moving to Schedule 3, the Government It could allow actual research to be conducted to confirm that.
And then there’s the business component.
“Companies in this sector face effective tax rates that can be more than 50% because they do not receive the regular deductions that other companies receive (deductions for rent, utilities, employee salaries, etc.). “We’re doing it,” Riley said.
“Moving to Schedule 3 would eliminate this problem and potentially provide relief to operators in this sector across the country.”
(Marijuana businesses in Rhode Island could see some tax relief under Gov. Dan McKee’s budget proposal.) This proposal is estimated to save these businesses a significant amount of money (approximately $825,000).
How close is change?
The Justice Department’s proposal, reported last week, will take several months to finalize and will include a public comment period. But this follows a similar recommendation last August by the U.S. Department of Health and Human Services to change the schedule for marijuana use.
more:Cannabis programs are on the rise in RI schools – but there are pitfalls when it comes to internships
President Biden last year asked both health officials and drug enforcement officials to reevaluate their positions on marijuana.
The Justice Department’s announcement was criticized by Smart Approaches to Marijuana, a national group that opposes marijuana legalization.
” [Biden] The administration’s efforts to force this action in an election year could be seen as a thinly veiled attempt to reverse polling trends among young people, the pot industry’s primary target. ” Kevin Sabet, president of the organization, said in a statement.
A Gallup poll conducted last November found that 70% of Americans now support legalizing marijuana, up from 50% in 2013.
Currently, 38 states have medical marijuana programs, and 24 states, including Rhode Island, have also legalized recreational use.
Another benefit: more clinical research on marijuana
Kim Ahern, chair of the Rhode Island Cannabis Control Commission, said reopening marijuana would mean federal recognition that marijuana has some medicinal value, something marijuana patients have known for years. He said it would be.
“This is welcome news for patients battling Parkinson’s disease and multiple sclerosis, and for patients talking about the side effects of cancer drugs,” said Ahern.
Marijuana has been classified as an illegal Schedule 1 substance by the federal government since 1970, so U.S. medical institutions have avoided clinical research on the drug.
Ahern said reclassifying the drug as Schedule 3 could open the door to more needed research.
“One thing I’ve found in the limited time I’ve been here is that so many different organizations across the state want to participate in this study in some way. That’s it.”
Last fall, Ahern saw a cannabis presentation by a University of Rhode Island educator who offers a minor in the pharmacological aspects of cannabis.
“What I learned from this is how advanced other countries are in that area. [cannabis] In particular, we conduct research on things that affect so many people, such as chemotherapy drugs, chronic pain medications, epilepsy, dementia, anxiety, cancer, glaucoma, and multiple sclerosis. ”
“Slow change in the right direction”
Magnus Thorsson and Michael Budziszek co-direct the Cannabis Entrepreneurship degree program at Johnson & Wales University. They said rescheduling marijuana could broaden people’s acceptance of marijuana in general.
“People will be more open to seeing it as a medicine,” Thorson said. “People would be willing to consider it as a sleep aid, a mood booster, a pain reliever.”
However, they said the schedule changes do not bring immediate changes to the classroom, such as adding internships in cannabis businesses. This practice was something local universities were reluctant to implement for fear of jeopardizing federal funding.
Even with the postponement, marijuana will still be illegal, Budziszek said. “It’s still illegal to talk about marijuana in the classroom because you’re once again perpetuating an illegal industry.” So we’re still learning legal terminology in the classroom. ”
But rescheduling cannabis use would be a “slow change in the right direction,” he said.
Contact Tom Mooney: tmooney@providencejournal.com
