Cannabis recently moved one step closer to being reclassified, meaning that while it would remain illegal under federal law, it would be grouped with drugs that face fewer restrictions. Known as “rescheduling,” the process got a boost in September, when the Department of Health and Human Services recommended that the Drug Enforcement Administration (DEA) reclassify cannabis from a Schedule I to a Schedule III drug. Now the Department of Justice has seconded the recommendation, setting in motion a months-long process that will include a review by the White House Office of Management and Budget and a public comment period.

The potential rule change could have a profound impact on cannabis retailers, who will finally be able to deduct a large portion of their business expenses. Here’s a summary of what cannabis rescheduling means and its potential impact on retailers.

What does rescheduling mean?

Cannabis is now considered a Schedule I substance, putting it in the same category as heroin, LSD, and ecstasy, or what the DEA calls “drugs with no currently accepted medical use and a high potential for abuse.” The proposal to reclassify cannabis as Schedule III would put them in the same category as Tylenol with codeine, ketamine, and testosterone—“drugs with a moderate to low potential for physical and psychological dependence.”

Keep reading here.—AAN

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CVS today announced the debut of Well Market, its new private-label consumables brand which will include 40 new food, beverage, and grocery products and serve as an umbrella for its three other consumable store brands.

Well Market will roll out online and in stores nationwide starting today, with most offerings priced between $2.99 to $8.99. The brand features products like Salt & Vinegar Flavor-Infused Almonds, Dark Chocolate Lightly Dipped Cashews, Mexican Street Corn Snack Mix, Ghee & Pink Salt Popcorn, Fruity-Cereal Gluten-Free Cookies, and Purified Alkaline Water.

CVS will eventually unite its existing private-label brands Gold Emblem, Gold Emblem Abound, and Big Chill under the Well Market brand, with some products updated or reformulated, CVS’s VP of store brands, Michael Wier, told Retail Brew.

Keep reading here.—EC

Retailers got a quick one-two punch of good and bad news this morning with the release of both monthly retail sales numbers and the consumer price index.

First, retail sales were “virtually unchanged” in April, as categories including general merchandise (-0.3%), furniture and home goods (-0.5%), and sporting goods, hobby, musical instrument, and book stores (-0.9%) all saw declines from March.

The biggest drop came from a category that has generally performed well over the last 12 months: Nonstore sales were down 1.2%, even as they rose 7.5% from last year.

Keep reading here.—AV

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