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Home 🌿 Marijuana Business News 🌿 The legal marijuana industry scrambles to keep up with changing tax agendas 🌿The legal marijuana industry scrambles to keep up with changing tax agendas
As painful as tax season can be for many Americans, it’s even more grueling for legal cannabis businesses; who often find themselves caught in a financial, governmental and regulatory vise.
At the heart of the issue is marijuana’s continued classification by the federal government as a Schedule I drug – which the government defines as substances having “no currently accepted medical use and a high potential for abuse.”
Due to that Schedule I classification most banks and financial institutions are reluctant to do business with legal marijuana companies; out of fear their organization might end up on the wrong end of a federal prosecution.
At the same time, the legal cannabis sector is being squeezed by a relatively obscure regulation known as Section 280E of the federal Internal Revenue Code – which denies legal marijuana businesses standard tax deductions because cannabis remains a Controlled Substance.
Therefore, as an IRS...
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