Popular, Cannabis Products, IRS

Trump Signals Cannabis Rescheduling: Schedule III Marijuana Decision Expected Soon

Vicente LLP on 8/21/2025

Key Takeaways - • President Trump’s administration is actively reviewing a proposal to move cannabis from Schedule I to Schedule III of the federal Controlled Substances Act (CSA) and a decision on rescheduling is expected...more

Cannabis Trends in 2025

Husch Blackwell LLP on 1/6/2025

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

The DEA’s Rule to Reschedule Cannabis to Schedule III: Process and Timeline

Foley Hoag LLP - Cannabis and the Law on 5/14/2024

On April 30, 2024, the Associated Press (AP) reported the Drug Enforcement Administration (DEA) will propose a rule to reschedule cannabis from Schedule I to Schedule III under the Controlled Substances Act (CSA). More...more

Cannabis Predictions for 2024

Benesch on 3/15/2024

It’s 2024, and while nothing ever stays the same in the world of cannabis, in a lot of ways, 2024 feels just like 2023, and 2022....more

Sports & Entertainment Spotlight - April 2021 #3

Foster Garvey PC on 4/15/2021

“Happy” Tax Day to those of you here in the United States celebrating/commiserating (noting of course that certain taxpayers have until May 17 to file their returns this year). Like taxes, this installment of the Spotlight...more

The Biden Presidency: How Will Cannabis Business Be Taxed?

Farrell Fritz, P.C. on 2/22/2021

Wither the Weed? It has been one month since Mr. Biden’s inauguration as President of the United States. Among the many questions being asked of President Biden is whether he will seek the decriminalization of cannabis....more

Federal Tax Court Clarifies Cannabis Income Tax Liability

ArentFox Schiff on 12/17/2020

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

Taxing Cannabis During The Pandemic

Farrell Fritz, P.C. on 11/23/2020

How Are You Doing? How are you coping with social distancing? Are you working remotely? If so, has it been as “seamless” as you would have others believe? Have you snuck out to visit family or close friends, or have they...more

New York’s Post-Election Tax Environment For Business Owners

Farrell Fritz, P.C. on 11/16/2020

Something Is Rotten- There’s a gray pall hanging over New York that has clouded the judgement of many politicians, and has left many of its residents feeling anxious and off-balance. No, it’s not the smoke from all the...more

Treasury Report Recommends Increased Audits of Cannabis Companies and Highlights Potential Section 280E Relief

Foley Hoag LLP - Cannabis and the Law on 4/26/2020

On March 30th, the Treasury Inspector General for Tax Administration (“TIGTA”) released a report which concluded, based on its estimates, that the IRS could have collected significant additional tax revenue from cannabis...more

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