If Marijuana Is Reclassified, Montana Could See Big Changes

If this federal change goes through, we could see massive changes in Montana with this industry.

Marijuana in Montana has been a booming business. Montana is projected to have over $500 million in sales for the marijuana industry. That's an incredible number when you realize that recreational marijuana is only legalized in half of Montana's counties. The counties that haven't legalized recreational marijuana still have medicinal marijuana sales.

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Even though Montana has seen incredible sales, there are still some hardcore regulations for marijuana federally, but that might change.

The Health and Human Services Department is recommending marijuana be rescheduled from Schedule 1 to Schedule 3. What does that mean? Let us break it down.

Schedule 1 drugs aren't allowed to receive federal money for research and are the most strictly regulated. Schedule 3 drugs are on the same level as anabolic steroids, are less controlled, and have massive benefits when it comes to taxes.

Under the federal tax code, marijuana can't deduct payroll, rent, or other expenses. As a Schedule 3 drug, marijuana will cut taxes exponentially. It would also allow dispensaries to have better access to banking systems.

Even though this opens up many avenues for dispensaries, this does not mean recreational marijuana will be legalized nationally. That still has several steps to go through for that to happen.

There isn't a timetable for rescheduling marijuana, but it looks like it will happen sooner rather than later. When that officially happens, we will see significant changes in Montana, and that is fantastic news for dispensary business owners and customers statewide.

For more details, check out NPR.