President Trump on Thursday signed an executive order directing his attorney general to complete the process of reclassifying marijuana as a less harmful drug, finishing a process that began under the Biden administration.
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Frank Segall, a Boston-based cannabis attorney for Blank Rome, said the effective tax rate for cannabis businesses can be more than 70 percent. If marijuana is rescheduled, business owners could deduct costs like payroll or advertising, like any other business.
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While rescheduling won’t immediately impact other financial services, Segall said it could be a step toward changes like letting cannabis businesses be publicly traded on U.S. stock exchanges and giving businesses access to bankruptcy court.
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“Rescheduling Marijuana Opens Opportunity for Research, Tax Fairness,” by The Editorial Board was published in the Boston Globe on December 23, 2025.
