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Medical Marijuana › Internal Revenue Code (IRC) › Marijuana Related Businesses

Medical Marijuana refers to the use of marijuana to treat or alleviate symptoms of certain illnesses. A growing number of states permit individuals to use marijuana on the recommendation of a physician. Despite... more +
Medical Marijuana refers to the use of marijuana to treat or alleviate symptoms of certain illnesses. A growing number of states permit individuals to use marijuana on the recommendation of a physician. Despite state laws to the contrary, Federal law still prohibits the use or possession of marijuana. The conflict between state and federal law on this issue has created interesting enforcement issues and significant legal hurdles for medical marijuana providers.  less -
Greenbaum, Rowe, Smith & Davis LLP

Will Rescheduling Cannabis Open the Industry to Increased Financing, Real Estate and Banking Opportunities?

Greenbaum, Rowe, Smith & Davis LLP on

On May 16, 2024, the U.S. Department of Justice (DOJ) issued its proposed rules to transfer cannabis from Schedule I of the Controlled Substances Act (CSA) to Schedule III of the CSA. The DOJ’s proposal follows the U.S....more

Levenfeld Pearlstein, LLC

DOJ Recommends Rescheduling Cannabis – What This Could Mean for the Cannabis Industry

Levenfeld Pearlstein, LLC on

On April 30, 2024, the US Department of Justice recommended that cannabis be rescheduled as a Schedule III controlled substance, a classification shared by prescription drugs such as ketamine and Tylenol with codeine....more

Sheppard Mullin Richter & Hampton LLP

Bridging the Gap: Cannabis Rescheduling to Align Policy with Research

Sheppard Mullin Richter & Hampton LLP on

In a much-anticipated move, sources recently reported that the Drug Enforcement Administration (“DEA”) will recommend rescheduling cannabis from a Schedule I substance to a Schedule III substance under the federal Controlled...more

McCarter & English, LLP

DEA’s Plan to Reschedule Cannabis: Implications and Insights

McCarter & English, LLP on

Earlier this week, the Department of Justice proposed reclassifying cannabis from Schedule I to Schedule III under the Controlled Substances Act. The move follows an August 2023 recommendation from the Department of Health...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

Husch Blackwell LLP

Supreme Court Declines To Hear Challenge To IRS Enforcement Of Cannabis Tax Rules

Husch Blackwell LLP on

On June 21, 2021, the U. S. Supreme Court declined to hear Eric D. Speidell, et al., Petitioners v. United States, which sought to overturn the Tenth Circuit Court of Appeals’ 2020 opinion on Speidell v. United States. In...more

Vicente LLP

What Is A Cannabis REIT?

Vicente LLP on

What is a REIT? “REIT” stands for Real Estate Investment Trust. Typically, a REIT is a corporation that has elected to be taxed as a REIT (which provides several tax advantages, including the ability to deduct dividends from...more

Rosenberg Martin Greenberg LLP

Section 280E Remains a Problem for Maryland Cannabusinesses: How to Minimize Taxable Income through Proper Classification of...

Rosenberg Martin Greenberg LLP on

The Maryland Medical Cannabis Commission (“the MMCC”) recently reported to the Maryland legislature on “the deleterious effects of the federal tax code on medical cannabis businesses.” As stated in its report, I.R.C. § 280E...more

Burns & Levinson LLP

Briefly: Harborside

Burns & Levinson LLP on

It’s a new year, but why not live in the past just long enough to talk briefly about that last couple of Section 280E cases that trickled in at the end of 2018? Today, I’m reviewing the two Harborside cases....more

Farrell Fritz, P.C.

Cannabis Business? The Impact of Federal Law Might Reach Further Than You Think.

Farrell Fritz, P.C. on

Everyone involved, or thinking about becoming involved, in the cannabis business is aware of the conflict between the laws of those states legalizing marijuana and the Controlled Substance Act (the “CSA”). The CSA is a...more

Foster Garvey PC

Marijuana Industry Tax Treatment in Oregon

Foster Garvey PC on

Come tax time, taxpayers in the marijuana industry in Oregon may want to proceed with caution. Since Oregon is tied to the Internal Revenue Code—specifically IRC § 280E—for purposes of income taxation, deductions relating to...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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