Marijuana's reclassification is 'long overdue' by the DEA: Curaleaf CEO

Following urgings by the U.S. Department of Health & Human Services, DEA officials could reclassify marijuana's drug status to that of a Schedule III substance. Curaleaf (CURLF) CEO Matt Darin joins Yahoo Finance Live to discuss what new regulation could mean for the cannabis industry and certain banking system oversights. "We think this is going to be a massive catalyst," Darin describes. "The biggest impact from a financial standpoint will be the removal of the draconian 280E section of the tax code that has really become untenable for our regulated industry." Darin outlines the higher tax rates cannabis distributors incur, emphasizing the fact that the U.S. government "collects more state taxes from cannabis than they do from alcohol." He comments on the outlook and expansion of the cannabis industry on marijuana's potential reclassification.
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