William Roark, Chair of the Firm’s Medical Marijuana practice, was interviewed this week on WGAL8 NBCTV about the Department of Justice’s move this week to reclassify marijuana from a Schedule I to a Schedule III drug.
The proposed change would recognize the medical uses for marijuana and acknowledge it has less potential for abuse than other more dangerous drugs.
Roark, a long-time authority on the area, explained that this is great news for cannabis businesses. “In rescheduling cannabis to Schedule III, the federal government has removed marijuana from that particular internal revenue code section which will now enable regulated cannabis companies across the country to take their ordinary business deductions and thereby save millions of dollars a year in tax burden, which they can reinvest into their company, into the community,” Roark said.
To view the two-minute interview, please click this link.
Roark serves as co-chair of the Pennsylvania Bar Association’s official Medical Marijuana and Hemp Law Committee. He represents individuals and businesses in the medical marijuana industry by helping them comply with Pennsylvania’s Medical Marijuana Act. He assists clients in understanding the permitting application process and the requirements associated with entering this industry.
If you have any questions about this development or any other issues involving medical marijuana and cannabis law, please contact Bill at (215) 661-0400 or WRoark@HRMML.com.
