Multistate cannabis operator Ascend Wellness Holdings says it has filed amended federal tax returns for several years and expects to receive refunds, becoming the latest U.S. marijuana company to seek the return of tariffs paid under Section 280E of the Internal Revenue Code.
Ascend revealed limited details of its tax strategy during a Tuesday earnings call to discuss its fourth-quarter earnings.
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Chief Financial Officer Mark Cassebaum said the New York-based company has amended its federal tax returns for 2020, 2021 and 2022.
“We plan to file (our) 2023 federal return as a normal corporate taxpayer, excluding 280E,” Cassebaum said during his prepared remarks.
“As a result of these amendments, we expect these refunds to cover our 2023 federal tax obligations.”
Rebecca Koar, Ascend’s
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