Pervasip Corp (PVSP)

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Banking reform is as important as Decriminalization

Currently cannabis companies are subject to IRS 280E, that keeps cannabis business from making tax deduction or earning credits that are afforded to other legal markets.

Marijuana Moments:
July 27, 2022

In another somewhat surprising moment where he voiced the long-held concerns of the industry, Booker also said at the hearing that he’s aware of the fact that marijuana businesses are looking for fair treatment under federal tax code. Without specifically referencing the IRS code known as 280E that keeps cannabis businesses from making tax deductions or earning credits that are afforded to other legal markets, the senator said that fixing the problem could help legitimate marijuana companies “out-compete this illegal market and eventually put it further and further into the rear-view mirror.”