Could cannabis be decriminalized at the federal level? U.S. Senate Democrats have introduced a bill to remove it from the controlled-substances list. If passed, a ban would be lifted, which now prohibits businesses from deducting expenses related to cannabis production in states where the drug is legal. The Cannabis Administration and Opportunity Act would impose a 10% excise tax on products sold by large businesses (rising to 25% after 5 years). Small and midsize businesses would pay a 5% excise tax (10% after 5 years). These companies would also gain access to tax incentives and financial services now denied to them. The bill is expected to face obstacles to passage in the Senate.
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