July 5, 2024
Marcum’s Neil Prasad and Martin Martinez discuss the future of tax deductions for the cannabis industry for MJBizDaily
MJBizDaily
By Neil Prasad, National Cannabis Industry Leader & Martin Martinez, Partner-in-Charge of Tax & Business Services, Houston, TX, National Leader, ASC 740
Excerpt:
The cannabis industry has long been shackled by the constraints of Section 280E of the Internal Revenue Code, which prohibits companies dealing with substances classified under Schedules 1 or 2 of the Controlled Substances Act (CSA) from deducting ordinary business expenses.
