Section 280E of the Internal Revenue Code disallows deductions or credits for any expenses related to the sale of illegal drugs, including marijuana, which is still considered a controlled substance under federal law.Presently, this federal tax regulation still applies to marijuana firms operating legally in the United States under state law. As a result, they are not permitted … [Read more...] about Could eliminating 280e lower pot prices?
280E
After pandemic high, San Francisco marijuana sales lethargic in 2022
KPVI Cannabis retailers in San Francisco have seen better days. After a steady rise through the early stages of the COVID-19 pandemic, cannabis sales in San Francisco have plunged thus far in 2022, according to data reported by retailers to state regulators. Cannabis retailers in San Francisco saw $72.4 million in sales in the second quarter of 2021. In the same quarter this … [Read more...] about After pandemic high, San Francisco marijuana sales lethargic in 2022
No Pennies-on-Dollar Tax Settlements for the Cannabis Industry
Bloomberg Section 280 takes the profit out of the cannabis business by disallowing “deductions” and creating huge income tax liabilities. But if 280E tax debt isn’t also forgiven, the current cannabis industry won’t survive against newcomers, says Greenspoon Marder’s Nicholas J. Richards. Recent downturns in cannabis sales and loss of capital investments have revealed the … [Read more...] about No Pennies-on-Dollar Tax Settlements for the Cannabis Industry
Did anyone notice this elephant in the room? 280E
280E? Is that a Mercedes-Benz? No. Well yes it is, but that’s not what we’re talking about here. Most people would say something like “You’re in the medical/recreational marijuana business? You must be loaded!” Major misconception. Especially when considering that 280E stands in the way of dispensary/production business models. This is something that needs to be talked … [Read more...] about Did anyone notice this elephant in the room? 280E
