The federal Drug Enforcement Administration (DEA) on Wednesday launched its online portal allowing state-licensed medical cannabis dispensaries to register with the federal government, according to a Reuters report.
The portal will allow regulated medical cannabis businesses to register with the DEA and become recognized as legal manufacturers, distributors, and retailers of cannabis. Registered firms would be operating in full compliance with federal law, and would thus no longer be subject to Internal Revenue Code Section 280E, providing immediate tax relief and access to traditional banking services. As of Wednesday morning, the DEA’s website stated that the portal would go online at 12pm Eastern Time.
The registration portal comes about a week after the Department of Justice moved cannabis products sold under state medical marijuana programs from Schedule I to Schedule III under federal law.
Additionally, registered companies could potentially participate in the import or export of medical cannabis products, according to the National Law Review.
Registration carries a $794 annual fee, and applicants will be required to answer liability questions set by the DEA.
