Federal law changed yesterday. Here's what it means for your operation.

On April 22, 2026, the DEA moved state-licensed medical marijuana from Schedule I to Schedule III. It is the most significant federal policy shift in cannabis in more than 50 years.

I want to be direct with you about what it means, what it doesn't, and where we think the real opportunity lies.

The tax change is real and significant

Section 280E, the provision that has blocked normal business deductions for cannabis operators for years, producing effective tax rates of 60–80% of gross profit, no longer applies to state medical licensees. Going forward.

The Acting AG is also asking the US Treasury to review refunds for prior tax years.

If you hold a medical license, talk to your CPA this week. The numbers could be material.

If you operate both medical and adult-use, the gap between what those two channels let you keep just got very large. Your attorney needs to help you think through how to structure accordingly.

The 60-day window you cannot afford to miss

To operate under federal law, you need a DEA registration. The order creates a fast-track process for state medical licensees:

• Apply within 60 days of publication, and DEA must process your application within six months
• Apply within 60 days, and you can keep operating under your state license during review
• Apply after the window, and you lose both of those protections

That window closes fast. Call your attorney this week.

The part most operators will miss: exporting

This is where I want to spend a minute. The order also updates DEA import/export rules to include state-licensed medical marijuana. For the first time in modern U.S. history, there is a legal federal path for state medical operators to ship cannabis across the U.S. border, in both directions.