Jean E. Smith-Gonnell Discusses the Impact of Medical Marijuana’s Federal Reclassification on California Businesses

Partner Jean E. Smith-Gonnell discussed how the recent federal reclassification of medical marijuana from a Schedule 1 to a Schedule 3 drug will affect California cannabis businesses in an interview with Spectrum News 1.

The article, “Tax relief comes with caveats as federal marijuana rules shift,” discusses the impacts of reclassification on cannabis businesses including allowing medical marijuana businesses to claim standard business tax deductions.

However, Jean shares that about 95% of the state’s marijuana revenue comes from recreational cannabis and highlights that many of her clients no longer hold medical licenses. Therefore, because recreational cannabis has not been rescheduled, most businesses will not feel any immediate benefits from the change.

Read the full article here.

With more than 15 years of experience in the cannabis industry, Jean focuses her cannabis practice on corporate, regulatory, transactional, and litigation matters for dispensaries, growers, receivers, investors, and other industry stakeholders. She assists clients in disputes, maintaining regulatory compliance, cannabis licensing, mitigating legal risks, establishing and reorganizing their companies, and day-to-day operations.

Spectrum News 1 is a 24/7 news and information network providing thorough multimedia coverage of diverse issues across Los Angeles.