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Tax Deductions Marijuana Medical Marijuana

Holland & Hart LLP

the buzz: Cannabis News & Policy Update | February 2025

Holland & Hart LLP on

Welcome back to the buzz, our monthly cannabis news and policy update. Your at-a-glance source for regulatory developments, agency announcements, and trends impacting the cannabis industry. In this edition of the buzz,...more

McGlinchey Stafford

Marijuana Rescheduling is Here: How DEA’s Decision Will Impact Cannabis Businesses

McGlinchey Stafford on

After fifty years, the federal government finally acknowledged that marijuana has medical value and is not as dangerous as heroin. As first reported by the Associated Press and confirmed by Marijuana Moment, on April 30,...more

Bradley Arant Boult Cummings LLP

Growing Pains with Medical Marijuana Taxation - Cannabis Industry News Alert

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

Lowndes

Tax Court Strikes a Blow to Medical Marijuana Industry, Although Dissents Offer Some Hope

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As more and more states are allowing legal use of marijuana, medical marijuana businesses are faced with large tax bills because of marijuana’s continued classification as a Schedule I controlled substance under federal law. ...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

Lowndes

Tax Court Decision Another Blow to Medical Marijuana Industry

Lowndes on

The recent Tax Court decision, Alterman v. Commissioner, struck yet another tax blow against the growing medical marijuana industry. ...more

Cozen O'Connor

Federal and Pennsylvania Tax Deduction Limitations on Medical Marijuana Businesses

Cozen O'Connor on

The growing, processing, dispensing, and use of medical marijuana became legal in Pennsylvania on May 18, 2016, under the Medical Marijuana Act, Act 2016-16 (S.B. 3), 35 P.S. § 10231.101, et seq. (the Act). Medical marijuana...more

BakerHostetler

There Was a Panel on What?? Notes on the ABA Antitrust Spring Meeting Panel on Marijuana Law

BakerHostetler on

Attendees at this year’s Spring Meeting may have been surprised by an unexpected panel: an overview of the status of the law related to the legalization of marijuana and antitrust issues facing the nascent industry. However,...more

Lowndes

No Tax Deduction for Medical Marijuana Company

Lowndes on

As more and more states are allowing for medical marijuana or other legal uses of marijuana, it is important to recognize that the federal government’s treatment of marijuana as a controlled substance can have more than...more

Foster Garvey PC

A Real Bummer for The Marijuana Industry

Foster Garvey PC on

As a general rule, in accordance with IRC § 162(a), taxpayers are allowed to deduct, for federal income tax purposes, all of the ordinary and necessary expenses they paid or incurred during the taxable year in carrying on a...more

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