State-legal marijuana has been around for three decades. Federal rescheduling? Still stuck in traffic.

This week, the DEA's administrative hearings on moving marijuana to Schedule III wrapped up, but don't mistake motion for progress. The reclassification order remains tied up in consolidated litigation before the D.C. Circuit, where challengers are still pushing to stay the executive order and halt the very hearings that just concluded. 

Meanwhile, the practical questions that actually keep operators up at night, like how Section 280E applies, remain open. Lawmakers on both sides of the aisle have sent letters urging Treasury and the IRS to hurry up with guidance on expense apportionment and transition rules, but operators with mixed medical, adult-use, and ancillary lines still have no clear roadmap. 

So, a hearing happened. What does it all mean for the cannabis industry?

We break down what this all actually means, and doesn't mean for your business in this month's edition of The Buzz. Read the full June newsletter for the rest of June's federal, hemp, and state-by-state developments, and stay tuned because our next edition drops next week with continued coverage as the rescheduling saga (still) unfolds.