The prime benefits of reclassifying cannabis from a Schedule I substance to a Schedule III substance is that the Federal government would recognize medical benefits of cannabis, make IRC Section 280E inapplicable to licensed cannabis operators. On December 18, 2025,...
Biden Signs Marijuana Research Bill Into Law – If You Can’t Beat Them, Join Them! The Medical Marijuana and Cannabidiol Research Expansion Act is the first standalone federal marijuana reform law enacted since the adoption of the Controlled Substances Act in 1971. The...
Bipartisan Marijuana Research Bill On Its Way To President Biden For Signature Into Law – If You Can’t Beat Them, Join Them! On November 16, 2022 the Senate passed by voice vote the Medical Marijuana and Cannabidiol Research Expansion Act, a bill introduced by...
Police Uncover Illegal Grow Operation In Santa Ana Seize More Than 5,000 Marijuana Plants Anyone conducting business in cannabis surely knows that under Federal law (Controlled Substances Act 21 U.S.C. 801) marijuana is designated as a Schedule I controlled substance...
National Taxpayer Advocate Delivers 2021 Annual Report to Congress With No Mention Of Unfair Taxation Of Cannabis Businesses Or Uncertainty Of IRC Section 280E. As required by law, once a year the Taxpayer Advocate’s Office (an independent Federal government...
Why Taxpayers Involved In Offshore Accounts, Cryptocurrency Or Cannabis Should Be Filing An Extension For Their 2020 Income Tax Returns. If you did not report your offshore accounts, cryptocurrency income or cannabis income earned before 2020, you should hold off on...
If You Can’t Beat Them Join Them - New York State Legalizes Recreational Marijuana Democratic Governor Andrew M. Como signed the Marijuana Regulation And Taxation Act (S.854-A/A.1248-A) into law on March 31, 2021 - $2.5 billion market expected. Governor Como’s office...
How IRS Trains Its Agents To Conduct Audits Of Cannabis Businesses In January 2015, the IRS issued a memo to provide guidance to its agents on conducting audits of cannabis businesses addressing whether an IRS agent can require a taxpayer trafficking in a Schedule 1...
2020 Taxes For California Cannabis – What You Need To Know We previously reported in our blog that the Trump Administration organized a committee of federal agencies from across the government to combat public support for marijuana and cast state legalization measures...
Federal Court Of Appeals Rules That Cannabis Is Just Like Any Other Industry Subject To IRS Audits On October 20, 2020, the U.S. Court of Appeals for the 10th Circuit issued its opinion ruling against a group of Colorado cannabis dispensaries and their affiliates that...
