News & Analysis as of November 17, 2024

IRC Section 280E

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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 -

Cannabis Rescheduling (I to III): Truth v. Fiction

Kilpatrick on 5/2/2024

The news has been a flurry of information and excitement following confirmed reports that the U.S. Drug Enforcement Administration (“DEA”) will soon propose a new rule to reschedule cannabis from a Schedule I controlled...more

Growing Pains with Medical Marijuana Taxation - Cannabis Industry News Alert

Bradley Arant Boult Cummings LLP on 1/9/2020

More and more states across the South are adopting medical marijuana regimes. With this growth comes growing pains. One such pain for marijuana businesses is the tension between following state laws on a product that is still...more

Tax Court Strikes a Blow to Medical Marijuana Industry, Although Dissents Offer Some Hope

Lowndes on 10/29/2019

As more and more states are allowing legal use of marijuana, medical marijuana businesses are faced with large tax bills because of marijuana’s continued classification as a Schedule I controlled substance under federal law. ...more

Briefly: Harborside

Burns & Levinson LLP on 1/23/2019

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

Cannabis Industry State Tax Guide

Fox Rothschild LLP on 7/26/2018

Businesses in the legalized cannabis sector face a daunting task in complying with state and Federal tax laws. This Guide is designed to assist in tax compliance by providing quick access to the relevant tax provisions in the...more

The High Tax Compliance Burden For Cannabis Businesses

Fox Rothschild LLP on 6/14/2018

Yesterday, the Tax Court issued its opinion in Alterman v. Commissioner, T.C. Memo 2018-83. This case involved the operation of a medical marijuana dispensary which was reported on Schedule C. The opinion includes a long...more

Cannabis Industry FAQ

Troutman Pepper on 7/18/2017

Can marijuana businesses receive federal copyright protection? Yes. The requirements for registration with the U.S. Copyright Office are that the work is original, creative and fixed in some form of expression. These...more

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