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cannabis
Trends
- 1Federal marijuana rescheduling set to reshape medical cannabis businesses●Federal rescheduling to impact taxes, operations of medical marijuana businesses
A move by federal authorities to reschedule marijuana is expected to significantly affect medical marijuana businesses, particularly their taxes and day-to-day operations. Rescheduling from Schedule I could allow cannabis companies to deduct normal business expenses under federal tax law, ending restrictions imposed by IRS Code 280E and easing banking and operational hurdles for operators.
- 2After-school provider asks for marijuana tax funds amid funding cliff●After-school activity provider says group is facing a funding ‘cliff,’ asks for money from upcoming marijuana tax
An after-school activity provider in Richmond says it is facing a funding 'cliff' and is asking the city to direct money from the upcoming marijuana tax toward its programs. The group argues that dedicated revenue from cannabis sales should support youth services, as officials prepare to allocate the new tax proceeds.