POSaBIT says Trump order on rescheduling cannabis ‘a pivotal step forward’

POSaBIT Systems (POSAF) expressed “strong support” for the federal government’s decision to reschedule cannabis from a Schedule I to a Schedule III substance under the Controlled Substances Act. “The change marks one of the most significant federal cannabis policy shifts in decades and represents a major inflection point for licensed cannabis operators nationwide,” the company said. “Rescheduling to Schedule III would eliminate the application of IRS tax code 280E to state-legal cannabis businesses, allowing dispensaries to deduct ordinary business expenses for the first time. The removal of 280E is expected to dramatically improve profitability, free up cash flow, and create new opportunities for reinvestment across the industry.”