Wednesday, September 06, 2023 7:04:45 AM
It’s “a historic step forward,” Rivers said.
Zachary Kobrin, an attorney who specializes in cannabis at Akerman, agreed that moving cannabis to Schedule III would bolster companies’ results. He referred to the federal tax code known as section 280E, which prevents companies that sell an illegal substance from taking tax deductions, as “one of the most negatively impactful policies” on the industry.
“Cannabis companies currently have effective tax rates as high as 70% to 90%,” Kobrin said in an email. Rescheduling grants “massive tax savings and allows cannabis operators to run their business like every other business when it comes to tax planning and saving.” It would also likely open the industry up to capital markets and US stock exchanges, he added, while opening up access to FDA research grants that would make clinical studies of marijuana more accessible.
https://www.bloomberg.com/news/newsletters/2023-09-05/cannabis-industry-enjoys-the-moment-as-federal-review-moves-forward
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