Multistate marijuana company Trulieve Cannabis Corp. is seeking a federal tax refund of $143 million, saying it “believes it does not owe” the taxes it paid over three years.
“This determination is supported by legal interpretations that challenge the company’s tax liability under Section 280E of the Internal Revenue Code,” Florida-headquartered Trulieve said in a Friday news release.
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Section 280E prevents state-legal marijuana companies from deducting standard business expenses, resulting in much larger tax bills.
The company acknowledged that actually getting a tax refund is not guaranteed.
Trulieve filed amended federal tax returns for 2019, 2020 and 2021.
The company’s Friday statement was short on specifics regarding its “legal interpretations” of 280E.
Asked by MJBizDaily for more details, a Trulieve spokesperson reiterated that “the company believes it does not owe” the taxes.
“We are continually evaluating our tax position and will share additional information as
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