The cannabis industry may be on the verge of significant financial relief with the Biden administration’s proposal to reclassify cannabis to Schedule III of the Controlled Substances Act. This reclassification would eliminate the oppressive restrictions of Section 280E of the Internal Revenue Code, which prevents cannabis businesses from deducting typical business expenses. Potential Profit Boost From Cannabis ReclassificationThe proposed rescheduling could change the landscape dramatically. According to MJBizDaily guest columnists Neil Prasad and Martin Martinez, both part of Marcum LLP, recl…