News & Analysis as of

Controlled Substances Act Tax Liability

Troutman Pepper

The Enemy of the Good: Comparing Administrative v. Legislative Approaches to Cannabis Reform

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Only one day after reports surfaced that the Drug Enforcement Administration (DEA) will proceed with rescheduling cannabis from Schedule I to Schedule III of the Controlled Substances Act (CSA), Senators Charles Schumer...more

Mayer Brown

Bill & Ted’s Excellent Legislation: 2024 Cannabis Tax Developments

Mayer Brown on

In 1989’s Bill & Ted’s Excellent Adventure, Keanu Reeves plays a stoner who gets caught up in historical shenanigans. By 2014, Mr. Reeves progressed past his teenage high jinks to become a James Bond-like action hero in his...more

Troutman Pepper

The Continuing Negative Impact of Federal and State Taxation on the Cannabis Industry; Where Do We Go from Here?

Troutman Pepper on

The cannabis industry has experienced significant growth over the past decade, with increasing numbers of states legalizing both medical and recreational use. Currently, cannabis is legal for adults in 24 states and the...more

Rivkin Radler LLP

In NYC, Cannabis Business Expenses Now Deductible

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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

Seyfarth Shaw LLP

Tale of Two Cities: Cannabis and Commercial Real Estate

Seyfarth Shaw LLP on

Recently, I had the opportunity to moderate panels on cannabis and commercial real estate at programs held in Los Angeles and Chicago.  I won’t say it was the best of times or the worst of times, but I will say “it was the...more

Seyfarth Shaw LLP

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

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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

Benesch

M&A Pitfalls in the Cannabis Industry

Benesch on

M&A is nothing new to the cannabis sector. The industry has experienced substantial consolidation activity to date and this trend will only increase in the months and years to come. However, if cannabis companies looking to...more

Burns & Levinson LLP

Alpenglow at It Again

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As discussed in more detail in my prior post, Alpenglow Botanicals (“Alpenglow”) is a state licensed Marijuana dispensary based in Colorado. Alpenglow was audited for several tax years and the IRS made adjustments, denying...more

Foster Garvey PC

A Real Bummer for The Marijuana Industry

Foster Garvey PC on

As a general rule, in accordance with IRC § 162(a), taxpayers are allowed to deduct, for federal income tax purposes, all of the ordinary and necessary expenses they paid or incurred during the taxable year in carrying on a...more

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