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Cannabis Companies Paid More Than $1.8 Billion in Federal Taxes in 2022 Alone

Keegan MacDonald by Keegan MacDonald
May 9, 2023
in Business, Featured
View of hemp flowers at Empire Standard, a hemp extract processing and distribution plant, on April 13, 2021 in Binghamton, New York. - New York's governor last month signed a law allowing its possession and use for adults aged 21 and older, and expanding its distribution for medical purposes.That allows companies like Empire Standard, which already are well-versed in cannabis cultivation for use in CBD, to now sell products with high concentrations of THC. (Photo by Angela Weiss / AFP) (Photo by ANGELA WEISS/AFP via Getty Images)

View of hemp flowers at Empire Standard, a hemp extract processing and distribution plant, on April 13, 2021 in Binghamton, New York. - New York's governor last month signed a law allowing its possession and use for adults aged 21 and older, and expanding its distribution for medical purposes.That allows companies like Empire Standard, which already are well-versed in cannabis cultivation for use in CBD, to now sell products with high concentrations of THC. (Photo by Angela Weiss / AFP) (Photo by ANGELA WEISS/AFP via Getty Images)

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The United States government collected over $1.8 Billion in federal taxes in 2022 from cannabis. Compared to many other sectors in the states, this number is staggering. This excess is also forecasted to increase by another $300 million by 2023.

These payments are the result of something called Section 280E of the federal Internal Revenue Code. Section 280E prevents companies considered traffickers of schedule 1 and schedule 2 controlled substances from deducting business expenses. Often this code is seen as a “thorn in the side of cannabis businesses” to many.

According to research done by analysis firms, cannabis companies will pay over $64 billion due to this 280E code over the next 10 years. If this code were to be repealed or cannabis be removed from the Schedule 1 controlled substance list, the revenue the government would make would half.

This burden is so rough for some companies that roughly 24% of cannabis operators surveyed said that their business is profitable. Cannabis reform is something that needs to happen yesterday in the United States. Without it, smaller and larger businesses alike will continue to suffer from the heavy burden of federal taxes.

Read the whole article here.

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