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Internal Revenue Code (IRC) Agribusiness

Husch Blackwell LLP

Cannabis Trends in 2025

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2024 was a primarily lean and flat year for the U.S. cannabis industry. The state-legal cannabis industry has been volatile from its inception, and 2024 represented a year of winnowing with many cannabis businesses failing....more

Warner Norcross + Judd

Tax Changes Coming in 2025 Affecting Farmers and Agribusiness Clients

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The Tax Cuts and Jobs Act provisions are set to sunset at the end of calendar year 2025. With this sunset on the horizon, those involved in the farming and agribusiness industries may want to take note and adjust their...more

Cole Schotz

Weed it and Reap: Cannabis Rescheduling’s Impact on Tax Deductions

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As the state legalization of medicinal and adult-use cannabis spreads across the United States, cannabis producers and retailers are experiencing a rapid increase in production and sales. However, despite this boom in...more

Cozen O'Connor

Tax Benefits to Arise from Department of Justice’s Move to Reclassify Marijuana

Cozen O'Connor on

On April 30, 2024, the Department of Justice submitted a formal proposal to the White House to loosen the restrictions placed on marijuana and formally recognize its medical use. Specifically, the proposal would reclassify...more

McCarter & English, LLP

DEA’s Plan to Reschedule Cannabis: Implications and Insights

Earlier this week, the Department of Justice proposed reclassifying cannabis from Schedule I to Schedule III under the Controlled Substances Act. The move follows an August 2023 recommendation from the Department of Health...more

Fox Rothschild LLP

IRS Issues New Guidance for Cannabis Companies That Receive Over $10K in Cash

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The IRS’s Office of Chief Counsel recently published a memorandum providing information for cannabis companies struggling to comply with the completion of Form 8300, which must be filed every time a company receives a cash...more

Troutman Pepper Locke

Navigating Cryptocurrency in the Marijuana Industry: Risks and Technological Solutions

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The marijuana industry has seen exponential growth over the past few years. However, the federal prohibition of marijuana poses significant challenges for businesses in this sector, in terms of payment processing and banking....more

Troutman Pepper Locke

The Continuing Negative Impact of Federal and State Taxation on the Cannabis Industry; Where Do We Go from Here?

Troutman Pepper Locke on

The cannabis industry has experienced significant growth over the past decade, with increasing numbers of states legalizing both medical and recreational use. Currently, cannabis is legal for adults in 24 states and the...more

McGlinchey Stafford

From Schedule I to Schedule III: Potential Shift in Marijuana’s Legal Status

McGlinchey Stafford on

Major news broke on August 30, 2023, as the U.S. Department of Health and Human Services (HHS) announced that it would recommend moving marijuana from Schedule I to Schedule III, as first reported by Riley Griffin for...more

Vicente LLP

Forming Psychedelic Companies: 10 Lessons from the Cannabis Industry

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A new industry is emerging in the United States, and entrepreneurs in the psychedelics space must make critical decisions at the onset of new ventures regarding how to set up and structure their new businesses. While there is...more

Husch Blackwell LLP

Decoupling of Section 280E from State Tax Codes

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On May 18, 2022, in a 153-2 vote, the Massachusetts House of Representatives voted to amend the state’s tax code to provide income tax relief for Massachusetts cannabis businesses. ...more

Cozen O'Connor

House to Vote to Legalize Cannabis

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Later this month, members of the U.S. House of Representatives will hold a floor vote on a bill to federally legalize cannabis — the Marijuana Opportunity Reinvestment and Expungement Act, commonly referred to as the MORE...more

Seyfarth Shaw LLP

Section 280E – Why Are We Still Having This Discussion?

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If you are in the cannabis industry, you should already know Section 280E of the Internal Revenue Code. It consists of only one sentence...more

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