LAS VEGAS – Industry stakeholders speaking on an MJBizCon panel Wednesday expressed optimism that the Biden administration will reschedule marijuana as a less dangerous drug in the months ahead, a move that would allow cannabis businesses to escape the steep taxes levied under Section 280E of the federal tax code.
At the same time, however, the panelists acknowledged the current difficulties facing the industry as well as the need to take risks to reap potential benefits down the road.
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Consider the case of industry veteran Virgil Grant.
Serving six years in a federal prison for operating a state-legal medical marijuana business in California wasn’t enough to deter Grant from working in the cannabis industry.
Grant, now the CEO of the California Cannabis retail chain as well as the co-founder of the California Minority Alliance and the Southern California Coalition, said the challenges of working in marijuana
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