There’s been a lot of speculation that the Trump Administration could reschedule cannabis on a national level from Schedule 1 (No redeeming medical value) to Schedule 3 (substances with a moderate to low potential for physical or psychological dependence).
If, and that’s a big If, Trump issues an executive order rescheduling cannabis, the change would allow cannabis companies in Michigan and elsewhere to write off all business expenses on their federal taxes, rather than now just the cost of buying products they sell. Legal work, promotional buys, and such would become legitimate business expenses for the IRS.
Other possible benefits could include more banks working with cannabis companies like any business to take deposits, provide checking accounts and the like.
Credit Card processing company could – a big could – decide to allow cannabis consumers to use credit cards to pay for their various cannabis products, Roberts said.
To learn about all the possibilities, watch this video.