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Tax,
Government

Oct. 10, 2022

Biggest impact of Biden cannabis order may be on taxes

Cannabis dispensaries pay extraordinarily high tax rates compared to regular businesses because federal law does not permit them to take standard business deductions. But if cannabis is rescheduled from Schedule 1 to a Schedule 3 drug or below, those taxes would be eliminated, legal experts say.

The biggest impact of President Joe Biden’s order to review how cannabis is scheduled under federal law may be on taxes.

Cannabis dispensaries pay extraordinarily high tax rates compared to regular businesses because federal law does not permit them to take standard business deductions.

Last year, a 9th U.S. Circuit Court of Appeals panel rejected an appeal by an Oakland cannabis dispensary arguing U.S. Code Sect...

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