Weighing The Legal Cannabis Industry’s Catch-22 Problem
What is keeping this industry hailed by some pundits as the next Silicon Valley from becoming a mainstream powerhouse? The answer is simple: marijuana is still federally illegal. As a result, cultivators and retailers cannot take normal tax deductions like other businesses due to U.S. Code Section 280E, which is the federal statute that states that a business engaging in the trafficking of a Schedule I or II controlled substance is barred from taking tax deductions or credits.
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