Saturday, July 12, 2025
Weed Deep Dive
  • Politics
  • Lifestyle
  • Business
  • Medical
  • Shop
No Result
View All Result
Weed Deep Dive
  • Politics
  • Lifestyle
  • Business
  • Medical
  • Shop
No Result
View All Result
Weed Deep Dive
No Result
View All Result

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)

136
SHARES
1.2k
VIEWS
Share on FacebookShare on Twitter
Views: 30

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 If this code were to be repealed or cannabis be removed from the Schedule 1 controlled substance list, the revenue the government would make would half.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.

Previous Post

12 Story Hemp Hotel Getting Finishing Touches In Cape Town

Next Post

Chuck Schumer yet again promises Marijuana Banking Bill at rally

Keegan MacDonald

Keegan MacDonald

Related Posts

Texas Becomes 40th State to Legalize Medical Cannabis

Texas Becomes 40th State to Legalize Medical Cannabis

by Keegan MacDonald
July 9, 2025
0

Texas has officially become the 40th state to legalize medical cannabis, a milestone that advocates say marks a significant shift...

Marijuana Rescheduling Still In Limbo, Here’s the Latest

Marijuana Rescheduling Still In Limbo, Here’s the Latest

by Keegan MacDonald
July 9, 2025
0

Nearly six months into Donald Trump’s second term, the rescheduling of marijuana under federal law remains stalled, leaving the cannabis...

New Study Shows Cannabis Use Associated With ‘Significant Risk Of Cardiovascular Disease’

New Study Shows Cannabis Use Associated With ‘Significant Risk Of Cardiovascular Disease’

by Keegan MacDonald
July 2, 2025
0

A new analysis of global health data has found that cannabis use is associated with a significantly increased risk of...

Gluten Free? Try Using Hemp Ingredients The Next Time You Bake

Gluten Free? Try Using Hemp Ingredients The Next Time You Bake

by Keegan MacDonald
July 2, 2025
0

A groundbreaking study from the University of Calabria suggests that hemp seed flour and CBD-rich hemp oil may hold the...

Next Post
Chuck Schumer yet again promises Marijuana Banking Bill at rally

Chuck Schumer yet again promises Marijuana Banking Bill at rally

Latest

Texas Becomes 40th State to Legalize Medical Cannabis

Texas Becomes 40th State to Legalize Medical Cannabis

July 9, 2025
Marijuana Rescheduling Still In Limbo, Here’s the Latest

Marijuana Rescheduling Still In Limbo, Here’s the Latest

July 9, 2025
New Study Shows Cannabis Use Associated With ‘Significant Risk Of Cardiovascular Disease’

New Study Shows Cannabis Use Associated With ‘Significant Risk Of Cardiovascular Disease’

July 2, 2025
ADVERTISEMENT
Sign up for the WDD Newsletter

Categories

  • Business
  • Featured
  • Lifestyle
  • Medical
  • Politics
  • Uncategorized

Recent Posts

  • Texas Becomes 40th State to Legalize Medical Cannabis
  • Marijuana Rescheduling Still In Limbo, Here’s the Latest

Browse by Tag

cannabis covid marijuana ban ncaa

AFFILIATES

© Weed Deep DIve. All rights reserved.

No Result
View All Result
  • Politics
  • Business
  • Lifestyle
  • Medical
  • Shop

© Weed Deep DIve. All rights reserved.