Sunday, August 10, 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

Weed Companies can make a good amount of money back with tax refunds

Graham Cooper by Graham Cooper
January 26, 2024
in Business, Featured
136
SHARES
1.2k
VIEWS
Share on FacebookShare on Twitter
Views: 2,477

Section 280E in the tax code prevents federally illegal businesses from deducting their expenses. This would include businesses revolving around marijuana, and has a been a thorn in the side for over a decade now. It has resulted in hundreds of millions of dollars left out of the hands of companies due to a lack of deduction.

Recently, however, in a US District Court in Massachusetts, Canna Provisions is arguing that marijuana is technically no longer illegal under the Controlled Substances Act. And if that’s the case, 280E does not apply. The court case is still active, and will probably find its way into the hands of the US Supreme Court, but Trulieve wasted no time in capatlizing on this ambiguity. They filed amended tax returns for the years 2019 through 2021, and got an extra $143 million back.

An article at MJBizDaily is making the case that everyone else should follow in the footsteps of Trulieve before it’s too late.

For one, you only have three years to amend your tax return, which is why Trulieve could only go back to 2019.

The author, Nick Richards, also argues that this ruling has a better chance in the conservative edged Supreme Court.

“The current conservative Supreme Court seems poised to overturn existing precedent that it believes does not honor the original meaning of the U.S. Constitution, and the expansion of commerce clause power is one such area. Examples of this include the court striking down portions of the Affordable Care Act, limiting the Clean Water Act and overruling federal sports gambling laws. It is plausible that marijuana could be legalized by the Supreme Court, thereby eliminating 280E and returning many cannabis companies to profitability,” Nick Richards writes.

This would be huge for thousands of struggling cannabis companies out there, so hopefully the article reaches many of those eyes.

Here’s the original MJBizDaily article.

Previous Post

Dr. Drew focuses on the downside of marijuana

Next Post

DEA Agent gets a positive THC test result from CBD, sowing confusion

Graham Cooper

Graham Cooper

Related Posts

California Increases Cannabis Tax As Sales Decline Near 50%

California Increases Cannabis Tax As Sales Decline Near 50%

by Keegan MacDonald
August 8, 2025
0

California’s two largest cities are hiking fees and taxes on licensed cannabis businesses, even as the state’s legal marijuana market...

Cannabis PAC Donates $1 Million To Trump Super PAC Amid Reform Push

Cannabis PAC Donates $1 Million To Trump Super PAC Amid Reform Push

by Keegan MacDonald
August 6, 2025
0

A political action committee backed by major cannabis companies donated $1 million to a super PAC supporting former President Donald...

A Look into the Illicit Market Crackdown

A Look into the Illicit Market Crackdown

by Graham Cooper
August 5, 2025
0

The DEA has put out its annual report diving into how many illicit weed operations it has busted in 2024....

Anti-Marijuana Reform Group SAM Releases New TV Ads To Stop Marijuana Reform

Anti-Marijuana Reform Group SAM Releases New TV Ads To Stop Marijuana Reform

by Keegan MacDonald
August 1, 2025
0

A prominent anti-marijuana organization has launched a six-figure ad campaign urging former President Donald Trump to oppose the federal rescheduling...

Next Post
DEA Agent gets a positive THC test result from CBD, sowing confusion

DEA Agent gets a positive THC test result from CBD, sowing confusion

Latest

California Increases Cannabis Tax As Sales Decline Near 50%

California Increases Cannabis Tax As Sales Decline Near 50%

August 8, 2025
Cannabis PAC Donates $1 Million To Trump Super PAC Amid Reform Push

Cannabis PAC Donates $1 Million To Trump Super PAC Amid Reform Push

August 6, 2025
A Look into the Illicit Market Crackdown

A Look into the Illicit Market Crackdown

August 5, 2025
ADVERTISEMENT
Sign up for the WDD Newsletter

Categories

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

Recent Posts

  • California Increases Cannabis Tax As Sales Decline Near 50%
  • Cannabis PAC Donates $1 Million To Trump Super PAC Amid Reform Push

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.