Controlled Substances Act, Business Expenses, Cannabis-Related Businesses (CRBs)

Impacts of Cannabis Rescheduling on Bankruptcy

McGlinchey Stafford on 8/9/2024

Despite the excitement of many over rescheduling cannabis from Schedule I to Schedule III, the move does not make cannabis “legal” unless it is produced, sold, and used within the tightly regulated parameters of the...more

Paid or Incurred: Marijuana Rescheduling, Taxes, and Section 280E

McGlinchey Stafford on 6/6/2024

The cannabis industry knows well the economic burden imposed by Section 280E of the Internal Revenue Code of 1986 (Code). It substantially increases the cost of doing business because it disallows deductions for expenses...more

In NYC, Cannabis Business Expenses Now Deductible

Rivkin Radler LLP on 11/21/2023

New York Governor Kathy Hochul signed a bill on Friday, November 20, 2023, that allows New York City cannabis businesses to deduct business expenses paid or incurred in carrying on such business for purposes of determining...more

Section 280E and The Taxation of Cannabis Businesses

Freeman Law on 8/20/2021

Section 280E of the Internal Revenue Code prohibits taxpayers who are engaged in the business of trafficking certain controlled substances (including, most notably, marijuana) from deducting typical business expenses...more

IRS Continues to Audit and Litigate Against Cannabis Businesses

Holland & Knight LLP on 4/23/2021

As Congress continues to deliberate the federal legalization of marijuana, the cannabis industry continues to face scrutiny from the IRS under Section 280E of the Internal Revenue Code (Code). Enacted in 1982 in response to a...more

Section 280E – Why Are We Still Having This Discussion?

Seyfarth Shaw LLP on 1/31/2020

If you are in the cannabis industry, you should already know Section 280E of the Internal Revenue Code. It consists of only one sentence...more

Controlled Substances Act › Business Expenses › Cannabis-Related Businesses (CRBs)