ST. LOUIS – The Drug Enforcement Agency is backing a proposal to reclassify marijuana as a less serious drug.
The plan would consider cannabis a Schedule III drug, like ketamine or steroids, as opposed to its current classification as a Schedule I drug, like heroin and ecstasy.
“To get to reschedule is one more baby step forward,” Kevin Riggs, CEO of Beleaf Medical, said.
The reclassification would open marijuana to more medical research opportunities and would give businesses like Riggs’ more flexibility and tax benefits.
According to Riggs, businesses like his don’t have the same access to business practices like company credit cards or have limited bank options.
“Without basic financial tools, operating this business has been a really interesting process to go through,” he said.
The proposed move has received support from both Democrats and Republicans, including St. Louis Representative Cori Bush, who wrote on X, “This is an important shift from our government’s failed approach to marijuana. Now let’s fully deschedule and legalize it, expunge all criminal records for marijuana offenses, and end the racist War on Drugs.”
Riggs’ Beleaf Medical operates Swade Dispensaries and Sinse Cannabis.
A reclassification of the drug could open it up to tax benefits for Riggs and other marijuana business owners. Riggs told FOX 2 his businesses pay about 75% in federal taxes.
If approved, a reclassification would allow Riggs to deduct rent, payroll and interest. Tax benefits, Riggs said, would be passed on to consumers.
It’s up to the White House Office of Management and Budget to approve or reject the proposal.