Guest Host: John Gerardi   

The U.S. is expected to reclassify marijuana from Schedule I to Schedule III, a move that could significantly benefit legal cannabis companies. Reclassification would allow marijuana businesses to deduct normal operating expenses, ending a major tax burden under IRS Section 280E, and could make it easier to access banking, loans, and institutional investment. Industry analysts say the shift could also spur mergers, attract new capital, and accelerate medical research, reshaping the cannabis market even though marijuana would remain illegal at the federal level.

A Virginia circuit court judge issued an order blocking the results of a congressional redistricting referendum that could net Democrats four extra seats in the U.S. House of Representatives in 2026.

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Philip Teresi on KMJ

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