If adult-use cannabis is legalized in New Jersey, it is crucial that the state decouples from the federal law governing cannabis — Internal Revenue Code 280(E) — to have a viable cannabis industry. As it stands, the federal provisions in IRS Code 280(E) make it impossible for cannabis business owners to receive a tax benefit for any of their operating expenses due to cannabis’ status as a federally controlled substance. This creates an immense challenge to the cash flow of cannabis operations in the United States.
Federal Marijuana Policy
As more state marijuana legalization laws come online, federal cannabis prosecutions are dropping.
That’s one takeaway from an end-of-year report released Monday night by Supreme Court Chief Justice John Roberts.
At the same time, other drug prosecutions are slightly up over the past fiscal year.
“Drug crime defendants, who accounted for 28 percent of total filings, grew two percent, although defendants accused of crimes associated with marijuana decreased 19 percent,” Roberts wrote.
For Leo Bridgewater, a 43-year-old Iraq veteran who demonstrated for legalization during a Memorial Day "Plants Over Pills" rally in Washington, D.C., recent developments signal the beginning of a rational new era in American drug policy, particularly with its armed forces.
"I'll tell you the truth," says Bridgewater, "if they let us smoke cannabis in the Army, I would still be in today. I would estimate that 75, maybe 80 percent of the guys in uniform feel the same way. They just can't say it."
Turns out, they’re trying to amass a collection of cherry-picked data and scare stories that will reverse surging voter support for ending the federal war on marijuana, which has failed after more than 80 years and tens of millions of arrests.