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Timeline of Gallup polls in US on legalizing marijuana. [1]In the United States, cannabis is legal in 39 of 50 states for medical use and 24 states for recreational use. At the federal level, cannabis is classified as a Schedule I drug under the Controlled Substances Act, determined to have a high potential for abuse and no accepted medical use, prohibiting its use for any purpose. [2]
The Drug Enforcement Administration initiated a 2024 policy review to potentially reschedule marijuana as a Schedule III drug, amounting to "the agency's biggest policy change in more than 50 years". [4] Some hiring and retention policies in federal employment and the armed forces evolved during 2024.
[9] [10] In addition to decriminalizing cannabis at the federal level, the bill would expunge federal cannabis-related criminal records. It would add new funding for law enforcement to go after illegal marijuana operations. [9] Schumer, Booker, and Wyden at a press conference for the reintroduction of the bill in May 2024
(Yes, at least some cannabis businesses, particularly state-licensed ones, do pay taxes to the federal government, despite its prohibition on marijuana.) Industry groups say the tax rate often ...
Notes: · Reflects laws of states and territories, including laws which have not yet gone into effect. Does not reflect federal, tribal, or local laws. · Map does not show state legality of hemp-derived cannabinoids such as CBD or delta-8-THC, which have been legal at federal level since enactment of the 2018 Farm Bill
Vivien Azer, Cowen Managing Director and Senior Research Analyst joins the Yahoo Finance Live panel to discuss the wave of state level legalizations and the future of the cannabis industry.
On December 20, 2018, the 2018 United States farm bill was signed into law, legalizing the cultivation of hemp containing less than 0.3% THC at the federal level. An unintended consequence of the bill was that it also legalized at the federal level the production of delta-8-THC, an isomer of THC with similar psychoactive effects. Use of delta-8 ...
For the $34 billion cannabis industry, the move would also eliminate significant tax burdens for businesses in states where the drug is legal, notably getting rid of the Internal Revenue Services ...