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Greenway – Article: Income Taxes and the Cannabis Business: The Impact of §280E

Cannabis Law Report

1981-623) that had allowed deductions incurred in carrying on the production, distribution, and sale of controlled substances. 173 (2007)). The production or sale of marijuana is still illegal under U.S. In 1982, Congress enacted Sec. 280E, which reversed a Tax Court decision ( Edmondson , T.C. 280E, still apply.

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Just desserts: The Cookies and Cakes family genealogy

SpeedWeed

From 2007 to the present—and emanating out of the San Francisco Bay Area—Cookies’ hard-hitting, hybrid indica power, and its complex, sweet- scrumptious aroma has made fans of elite pot snobs, medical marijuana patients with PTSD, all-star rappers, and now almost everyone who partakes. Now for the headliner: Cookies and Cakes!

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Could Industrial Hemp Lessen the Burden of I.R.C. Section 280E for Colorado’s Cannabis Retailers?

Greenspoon Marder Cannabis Law Group Blog

Thus, for MMCs, sales of industrial hemp and hemp CBD products were not a significant portion of their overall sales. 173 (2007), also known as The “CHAMP” Case. 173 (2007), also known as The “CHAMP” Case. However, MMCs could only sell hemp or CBD products to their medical marijuana patients. v Commissioner, 128 T.C.

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Update: Patrick Horsman “Integrated CBD” and alleged fraud, plaintiffs say they are owed over $US1 million

Cannabis Law Report

Octopus identifies, structures, provides seed capital, and builds alternative asset management business. But first, you may be thinking, Patrick Horsman, who on earth is he and who are integrated CBD? We’re sure Horsman would be very happy if you’d forgotten him. as it isn’t our job to make him happy let us remind you.

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Taxation Of A Medical Marijuana Business – How Will The Ninth Circuit Hold?

Cannabis Law Report

Under Federal law, cannabis is a “Schedule I” controlled substance; thus, the manufacture, distribution, dispensation, or possession of marijuana – even medical marijuana recommended by a physician – is prohibited as a matter of Federal law. [ix]. Deductions. COGS is the costs of acquiring inventory, through either purchase or production.

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California: Which Set of Books?

Cannabis Law Report

of Tax and Fee Administration [“CDTFA”] is the administrative agency for business entities that are subject both to Sales Tax, and to Cannabis Cultivation TAX [“CCT”] and Cannabis Excise Tax [“CET”]. The predecessor to CDTFA, the Board of Equalization [“BOE”] was the agency that administered Sales Tax before CCT and CET.