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Kiplinger
Kiplinger
Business
Kelley R. Taylor

How the Biden Marijuana Shift Could Impact Taxes

Marijuana plant with money symbols and chart in background.

In a significant shift in United States drug policy and regulation, the Biden administration is planning to reclassify marijuana as a less dangerous drug. The proposed reclassification, led by the U.S. Drug Enforcement Administration (DEA), acknowledges the medical benefits of cannabis and its lower potential for abuse compared to other controlled substances.

The White House Office of Management and Budget is currently reviewing this proposal. If approved, marijuana will be moved from being a Schedule I drug, alongside substances like LSD and heroin, down to a Schedule III classificaiton. 

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