The United States has moved to reclassify marijuana as a less dangerous drug in a historic shift that has sent shares in cannabis firms soaring.The US Justice Department’s recommendation on Tuesday that cannabis be classified as a schedule three drug – the same as ketamine and Tylenol with codeine – does not legalise recreational use outright, but opens the way to lighter punishments as well as greater private investment tax benefits for the industry.Cannabis firms are currently prevented from deducting normal business expenses at tax time due to the drug’s classification as a schedule one on par with heroin and LSD.
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