A Republican U.S. representative from Florida reintroduced legislation that would reclassify marijuana under federal law.
The bill would greatly aid both marijuana businesses suffering under federal tax burdens as well as would-be researchers.
Rep. Greg Steube, who began his third term this month, reintroduced what he calls the “Marijuana 1-to-3 Act,” his office announced in a recent news release.
The bill would move marijuana from Schedule 1 in the Controlled Substances Act to Schedule 3.
Such a move would have major ramifications for cannabis researchers as well as legal marijuana businesses.
Steube’s measure comes almost four months after President Joe Biden called on the U.S. attorney general and the secretary of the Department of Health and Human Services to begin the process of reviewing marijuana scheduling under federal law.
Marijuana companies currently barred from claiming many normal business expenses on their federal tax returns would see that prohibition lifted if Steube’s bill were to become law.
It’s the third time in his three terms that Steube has tried to push such legislation.
It’s unclear whether Steube’s bill will have better luck in a Republican-controlled Congress under Republican House Speaker Kevin McCarthy of California.
Steube’s office did not immediately respond to a request for comment from MJBizDaily.
A reliable congressional advocate for cannabis, Steube is one of a growing number of House Republicans pushing federal marijuana reform.
Steube on Jan. 18 also reintroduced the Veterans Cannabis Use for Safe Healing Act.
The measure would prohibit the Department of Veterans Affairs from denying benefits to military veterans using medical cannabis in states with legal access to the drug.