Drew Stensland is in the business of marijuana. He is one of the owners at Granite Peak Dispensary in Billings and is eager to see how the president's recent executive order to reclassify cannabis could bring new research to his industry.
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"We've already found a ton of medical benefits in cannabis. Maybe there is a ton more that we can get after now. So, I'm excited for it. I've had family members this has helped out whether it be with cancer or pain. Who knows? Maybe we can get into the depression, anxiety, and things like that with the different cannabinoids that we haven't been able to explore yet. I think it opens a lot of really really good doors," he said.
The executive order signed this week reclassified cannabis from a Schedule 1 to a Schedule 3 drug allowing for research to be done into the plant's medical uses.
Kari Boiter is a member of the legislative committee for the American Council of Cannabis Medicine.
"This is going to allow us to do a lot of research here in the US at all of the wonderful research facilities we have, Johns Hopkins, Mayo Clinic, all those types of places. They're going to be able to start looking at this now. In fact, somebody that I know, yesterday, who works for St. Jude's was actually asked to now bring in their medical cannabis because St. Jude's, just simply from this executive order, felt more comfortable having that conversation and letting that person use that on site," said Boiter.
Boiter has been working on federal cannabis policy for over 15 years.
"Wherever you stand politically, I don't think this is a Republican or Democrat, I feel like this is a non-partisan or bipartisan issue. So, I feel like you've got to give credit to the people who are willing to take the leap forward where others haven't,” said Boiter.
For businesses like Granite Peak Dispensary, Stensland says he hopes the change will soon allow him to deduct business expenses and be taxed on his profits rather than gross income.
"The big one for us will be the 280e benefits. There's big tax burdens that cannabis companies have. So, hopefully that should eliminate some of it and make us taxed regularly like all other businesses," Stensland said.
