IRS Code 280E

Connecticut lawmakers took a major step toward bolstering the state's marijuana industry by advancing two bills to Gov. Ned Lamont (D) for final approval. The first, a budgetary measure that seeks to provide tax relief to licensed cannabis businesses, which are currently barred from...

New Jersey Gov. Phil Murphy did the cannabis industry in his state a huge favor when he signed a law decoupling marijuana businesses from federal IRS Code Section 280E, the bane of the industry’s collective existence.  What happened: The legislation, written by New Jersey...

Section 280E of the IRS tax code is one of the most reviled features of the current cannabis regulatory dichotomy. 280E essentially prevents the deduction of all expenses below the Cost of Goods Sold line, including interest expense and selling, general, and administrative expenses (although an...