280E, new markets and wholesale revenue highlight cannabis earnings season
Tax strategies took the spotlight in fourth-quarter financial reports from publicly traded U.S. cannabis companies.
Tax strategies took the spotlight in fourth-quarter financial reports from publicly traded U.S. cannabis companies.
TerrAscend Corp. is the latest marijuana multistate operator to announce a plan to stop paying taxes owed under Section 280E of the Internal Revenue Code, and an executive hinted at the company’s legal basis for doing so.
Multistate cannabis operator Ascend Wellness Holdings says it has filed amended federal tax returns for several years and expects to receive refunds, becoming the latest U.S. marijuana company to seek the return of tariffs paid under Section 280E of the Internal Revenue Code.
The $143 million question on every marijuana executive’s mind these days is: Should my MJ company consider filing a tax refund claim? The best answer is: Some should.
Marijuana multistate operator Trulieve Cannabis Corp. revealed that it has received $113 million worth of tax refunds as it challenges what it owes under Section 280E of the Internal Revenue Code.
Trulieve Cannabis Corp.’s highly publicized $143 million federal income tax refund claims created a frenzy of hope that seems to offer the marijuana industry a way out. But does it?
Two legal cases have realistic chances of success, meaning cannabis operators should consider filing amended federal tax returns claiming refunds.
If and when rescheduling becomes law, regulated marijuana business owners in the United States would enjoy an enormous tax cut, as the notorious IRS Section 280E would no longer apply.
Industry stakeholders speaking at MJBizCon on Wednesday expressed optimism that the Biden administration will reschedule marijuana as a less dangerous drug in the months ahead, a move that would allow cannabis businesses to escape the steep taxes levied under Section 280E of the federal tax code.
As the U.S. Drug Enforcement Administration weighs whether to revise marijuana to a Schedule 3 controlled substance, regulated cannabis producers are looking forward to the prospect of easing their heavy tax burdens under Section 280E of the federal tax code.
Multistate marijuana company Trulieve Cannabis Corp. is seeking a federal tax refund of $143 million, saying it “believes it does not owe” the taxes it paid over three years.
A combination of tax methods could help cannabis companies reduce their tax burden under Section 280E of the federal tax code.