Cannabis MSO Ascend Wellness expecting 280E tax refunds

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.

Close-up view of U.S. tax return

What the end of 280E might mean for cannabis business taxes

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.

Exterior image of the Internal Revenue Services' headquarters in Washington, DC