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Tax,
Cannabis,
Administrative/Regulatory
Apr. 30, 2024
Cannabis change will slash federal tax take
Under current arrangements, cannabis companies cannot take deductions for standard business expenses, leaving some businesses spending as much as 90% of their profits on taxes.
The Drug Enforcement Administration's move to reschedule cannabis as a Schedule III drug, like steroids, will not make it legal but would slash federal taxes on drug dispensaries in dramatic fashion.
The agency's decision, first reported Tuesday by the Associated Press and confirmed by the Washington Post, would be the first time since 1970 that marijuana was not listed as a Schedule I drug, like heroin, under the Controlled Substances Act.
Attorneys who handle ca...