Federal Marijuana Rescheduling Hits Oklahoma: 60 Days to Register with DEA

Today, the Department of Justice issued an order rescheduling from Schedule I to Schedule III two kinds of marijuana: marijuana products approved by the FDA, and any marijuana produced by a state medical marijuana licensee.

This is the biggest change to federal cannabis policy in decades, and it applies immediately to all medical marijuana produced by an Oklahoma medical marijuana business.

There are a host of unanswered questions about this move, and the potential benefits to Oklahoma medical marijuana businesses are enormous. Indeed, not only does this order appear to provide immediate tax relief under Section 280E, but the order also suggests medical marijuana businesses may petition the IRS for retroactive relief from 280E tax liabilities for all years when the licensee operated under a state medical marijuana license.

However, I also read this order to place an immediate obligation on Oklahoma medical marijuana companies to apply for federal registration with the DEA (mirroring OBN registration) within the next 60 days.

My firm is still reviewing this order to determine its full scope. But if you are an Oklahoma medical marijuana business with questions about this move, or about DEA registration, do not hesitate to contact us.