Friday, April 24, 2026
Joe Gomes, CFA, Managing Director, Equity Research Analyst, Generalist , Noble Capital Markets, Inc.
Refer to the full report for the price target, fundamental analysis, and rating.
Rescheduling. Yesterday, Acting Attorney General Todd Blance announced he plans to “immediately” reschedule FDA-approved cannabis and state-licensed cannabis from Schedule I to Schedule III, while also ordering a “new expedited hearing with set deadlines, to fully reschedule marijuana.” While a Schedule III listing still would not federally legalize cannabis nor allow interstate commerce, it would further legitimize state-sanctioned cannabis businesses by eliminating the tax burdens under Section 280E of the Internal Revenue Code.
280E Elimination. The elimination of the 280E burden could represent huge savings for licensed cannabis businesses, potentially running into the billions. And, significantly, Acting Attorney General Blanche’s order provides the potential of a retroactive savings, with the order stating, “The Administrator encourages the Secretary of the Treasury to consider providing retrospective relief from Section 280E liability for taxable years in which a state licensee operated under a state medical marijuana license.”
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