The Department of Health and Human Services' recommendation to reclassify marijuana as a Schedule III drug under the Controlled Substances Act set off ripples across the cannabis market.

One day following Wednesday's news, MSOS ETF (ARCA: MSOS) surged by 21%. Notable companies also experienced remarkable gains, with State House Holdings Inc. (OTC: STHZF) skyrocketing by 74%, Columbia Care (OTC: CCHWF) witnessing a 38% boost, Jushi (OTC: JUSH) rising by 32%, and Ayr Wellness (OTC: AYRWF) showing a 29% increase.

This proposal holds crucial implications for taxation and cannabis businesses, particularly regarding Section 280E.

According to analysis firm Zuanic & Associates (Z&A) the removal of 280E, irrespective of federal …

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