Recreational cannabis businesses operate in a world of conflicting state and federal laws. Several states have legalized recreational cannabis, yet, under federal law, cannabis remains an illegal Schedule I drug under the Controlled Substances Act (CSA).
Tag Archives: Section 280e
On Nov. 30, 2015, the National Cannabis Industry Association, a national trade group for cannabis-related businesses, announced its 2016 Lobby Days, taking place May 12-13, 2016, in Washington, D.C.
On April 9, 2015, Rep. Earl Blumenauer and Sen. Ron Wyden announced that they will introduce the Small Business Tax Equity Act of 2015 in Congress next week. The purpose of the bill is to amend Section 280E of the Internal Revenue Code.
Section 280E of the Internal Revenue Code sharply limits the deductions legal marijuana businesses can take against federal income tax liability. It may be the biggest threat to the financial viability of many fledgling cannabusinesses.
Since 2013, marijuana has been popping up in law school curricula, blogs and panel discussions, not in terms of criminal defense, but in terms of business planning.
The present boom in marijuana may well have created a boom for those accountants willing to provide professional services. What is fascinating about this emerging subfield in accountancy is that no one entrant can play the “experience” card.
Legal is good. Legal and prosperous is better, as far as investors are concerned. Now that five jurisdictions have opened the door to a recreational marijuana industry, it is time to re-examine the legal structure it takes to support a healthy business climate.
Emmy winning independent journalist Ben Swann released a video detailing the hypocrisy of the federal government holding patents on medical marijuana, and the health benefits of CBD oil.