article thumbnail

Section 280E and The Taxation of Cannabis Businesses

Cannabis Law Report

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 associated those activities. Controlled Substance.

Business 105
article thumbnail

Federal Appropriations Bills Include Limited Cannabis Protections

NORML

In a change of trajectory, the powerful Appropriations Committee in the House of Representatives has for the first time included limited protections for cannabis businesses engaged in the legal marketplaces in 33 states. SAFE Banking. This year marks the first time that this language was included in the base text.

Banking 220
Insiders

Sign Up for our Newsletter

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

Trending Sources

article thumbnail

Article: Three Ways Cannabis Businesses Can Save Money This Tax Season

Cannabis Law Report

There are multiple moving parts to keep track of in addition to running your day-to-day business — it’s easy to feel overwhelmed. One reason taxes can be such a headache for cannabis business owners is IRS Code 280E. 280E still penalizes cannabis businesses, even when they are regulated and comply with state law.

article thumbnail

Florida: Tallahassee businessman J.T. Burnette found guilty on 5 public corruption charges

Cannabis Law Report

Jurors found the 44-year-old, whose businesses include the DoubleTree Hotel, CollegeTown, and the Gateway office building, guilty on five of nine federal charges — extortion, honest services mail fraud, a Travel Act violation, and lying to the government. Tallahassee businessman J.T.

Packaging 111
article thumbnail

Cannabis Conference and Hemp Grower Conference Announce Inaugural ‘Diversity Scholarship’ in Partnership with Minority Cannabis Business Association

SpeedWeed

But beyond the new iron fences around the Capitol, the District itself is a vibrant city full of culture and ethnic history. Cannabis Business Times and Cannabis Dispensary spoke to experts in the D.C. Cannabis Business Times and Cannabis Dispensary spoke to experts in the D.C. Washington, D.C., View original article.

article thumbnail

Grading the Presidential Candidates on Cannabis: Donald Trump

Canna Law Blog

In a 2015 interview with Bill O’Reilly regarding cannabis, Trump made a comment that would certainly be construed as supporting at least medical cannabis usage. History with marijuana legislation As mentioned above, it’s difficult to collect a history of legislation to determine exactly how Trump has previously voted on cannabis.

History 90
article thumbnail

PSI Labs, Michigan’s Premier Cannabis Testing Lab, Announces Expansion to Southern California

Cannabis Law Report

–(BUSINESS WIRE)– PSI Labs , an Ann Arbor, Michigan-based ISO 17025 accredited Safety Compliance Facility that provides essential cannabis testing services, today announced its expansion into Southern California with the acquisition of pH Solutions, LLC. Monrovia-Based Lab Acquisition Strengthens Cannabis Testing In California.