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Medical Marijuana › Cost of Goods Sold (COGS)

Medical Marijuana refers to the use of marijuana to treat or alleviate symptoms of certain illnesses. A growing number of states permit individuals to use marijuana on the recommendation of a physician. Despite... more +
Medical Marijuana refers to the use of marijuana to treat or alleviate symptoms of certain illnesses. A growing number of states permit individuals to use marijuana on the recommendation of a physician. Despite state laws to the contrary, Federal law still prohibits the use or possession of marijuana. The conflict between state and federal law on this issue has created interesting enforcement issues and significant legal hurdles for medical marijuana providers.  less -
Bradley Arant Boult Cummings LLP

Medical Marijuana Money in Mississippi: Navigating the Tax Consequences of a Green Enterprise

Bradley Arant Boult Cummings LLP on

Mississippi is on the precipice of implementing a medical marijuana regime, as Mississippians voted overwhelmingly to approve Initiative 65 last November. Those awaiting the green light should take advantage of the additional...more

Bradley Arant Boult Cummings LLP

Growing Pains with Medical Marijuana Taxation - Cannabis Industry News Alert

Bradley Arant Boult Cummings LLP on

More and more states across the South are adopting medical marijuana regimes. With this growth comes growing pains. One such pain for marijuana businesses is the tension between following state laws on a product that is still...more

Rosenberg Martin Greenberg LLP

Section 280E Remains a Problem for Maryland Cannabusinesses: How to Minimize Taxable Income through Proper Classification of...

Rosenberg Martin Greenberg LLP on

The Maryland Medical Cannabis Commission (“the MMCC”) recently reported to the Maryland legislature on “the deleterious effects of the federal tax code on medical cannabis businesses.” As stated in its report, I.R.C. § 280E...more

Farrell Fritz, P.C.

Cannabis, Business Expenses, And The Code

Farrell Fritz, P.C. on

Last week’s post may have left some readers feeling lightheaded or anxious. It is highly unlikely that this week’s post will leave these individuals in a greatly altered state, though it may alleviate their condition to some...more

Obermayer Rebmann Maxwell & Hippel LLP

Medical Marijuana Dispensaries: Maintaining Business Records for Federal Income Tax Purposes, Not as Hard as it Sounds

Obermayer Rebmann Maxwell & Hippel LLP on

Generally, medical marijuana dispensaries are not allowed to deduct expenses for federal income tax purposes because buying and selling marijuana, even for medical reasons, is considered “trafficking in illegal drugs.” Such...more

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