What marijuana tax deductions would be available if 280E is gone?

July 05, 2024 by mjbizdaily.com

What marijuana tax deductions would be available if 280E is gone?

The cannabis industry faces financial hurdles due to Section 280E, disallowing tax deductions for marijuana businesses. Biden's proposed rescheduling to Schedule 3 could revolutionize the industry. Marijuana companies struggle with deductions for business essentials like rent, salaries, utilities, and marketing due to federal limitations. Relief from 280E could lead to reinvestment, lower prices, improved financial services, and market competitiveness. Potential changes generate excitement, speculating on economic growth and financial parity with other sectors. The industry awaits full financial liberation to reach its true potential. Rescheduling marijuana could transform the industry into a prosperous powerhouse, yet the timeline for these changes remains uncertain.


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