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Internal Revenue Code (IRC) Cannabis Products

ArentFox Schiff

Federal Cannabis Regulation - What to Expect in 2025

ArentFox Schiff on

On January 13, the chief administrative law judge of the US Drug Enforcement Administration (DEA), John Mulrooney, postponed the highly anticipated hearing on the rescheduling of cannabis under the Controlled Substances Act...more

Husch Blackwell LLP

Cannabis Trends in 2025

Husch Blackwell LLP on

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

McGlinchey Stafford

Podcast: Denial of Tax Deductions for Marijuana Businesses - Who is this Inter-Loper to Section 280E [More with McGlinchey, Ep....

McGlinchey Stafford on

Has the Supreme Court’s opinion overturning the Chevron doctrine altered the landscape for the denial of tax deductions for marijuana businesses under Section 280E of the Internal Revenue Code? Here to explore that question...more

Holland & Hart LLP

the buzz: Cannabis News & Policy Update - July 2024

Holland & Hart LLP on

Welcome to the buzz, our monthly cannabis news and policy update. Your at-a-glance source for regulatory developments, agency announcements, and trends impacting the cannabis industry. - This month's highlights include: ...more

Mandelbaum Barrett PC

Reclassifying Cannabis as Schedule III: Unpacking the Impact on Taxation, Medical Research, and Social Justice

Mandelbaum Barrett PC on

On April 30, 2024, the Associated Press reported a significant development in cannabis policy:  the U.S. Drug Enforcement Administration (“DEA”) is recommending reclassifying cannabis from Schedule I to Schedule III. This...more

Sheppard Mullin Richter & Hampton LLP

Bridging the Gap: Cannabis Rescheduling to Align Policy with Research

In a much-anticipated move, sources recently reported that the Drug Enforcement Administration (“DEA”) will recommend rescheduling cannabis from a Schedule I substance to a Schedule III substance under the federal Controlled...more

Cole Schotz

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

Cole Schotz on

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

Falcon Rappaport & Berkman LLP

Cannabis Rescheduling – A Look Towards the Future of the Industry

The Drug Enforcement Administration (DEA) will call for cannabis to be rescheduled according to a report by the Associated Press. The anticipated rescheduling follows the Department of Health & Human Services’ (HHS) August...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

Bradley Arant Boult Cummings LLP

Blazing Trails: Exploring ESOPs in the Cannabis Industry

The budding cannabis industry, despite its rapid growth and gradual acceptance in recent years, still faces a major sustainability challenge: Cannabis businesses cannot deduct most ordinary business expenses. Under Internal...more

Holland & Hart LLP

If You Want a Natural Medicine Company, Start Tax Planning Now

Holland & Hart LLP on

A recent bill passed by Colorado voters allows for the establishment of a regulated market for plant-derived psychoactive substances. Potential owners of natural medicine companies should understand how Section 280E of the...more

ArentFox Schiff

US Senators Seeking Input on Comprehensive Federal Cannabis Reform Legislation

ArentFox Schiff on

The majority of states in the US have either decriminalized cannabis or enacted laws authorizing its use for medical or non-medical (aka “recreational” or “adult”) use. However, in the absence of federal guidance beyond the...more

ArentFox Schiff

Federal Tax Court Clarifies Cannabis Income Tax Liability

ArentFox Schiff on

To change its method of accounting, a taxpayer must receive consent from the IRS and should provide evidence showing the change in business activity, so that the IRS can confirm that the change in method of accounting will...more

Seyfarth Shaw LLP

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

Seyfarth Shaw LLP on

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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