In advance of rescheduling, this session will focus on whether cannabis businesses should proceed with filing tax returns without reducing deductions under Section 280E, and whether to amend prior returns to reclaim deductions through refunds or reduce outstanding tax debt. The session will examine the arguments presented in the court petition New Mexico Top Organics Inc., d/b/a Ultra Health v. Commissioner of Internal Revenue and how they support an aggressive position, specifically by examining the 280E tax code itself and assessing whether cannabis “fits the meaning” of a Schedule I or II substance, an important determination explicitly referenced in the statute.
