Nick Richards (Courtesy photo)
Trulieve Cannabis Corp. announced in October that it claimed $143 million in federal tax refunds by filing amended federal tax returns for 2019-21.
The Florida-based multistate operator took the position in the amended returns that Section 280E, which prevents cannabis companies from deducting their business costs, no longer applies.
Meanwhile, in U.S. District Court in Massachusetts, several companies teamed up in Canna Provisions v. Garland, a case that is challenging the scheduling of marijuana under the Controlled Substances Act (CSA).
If the judges find that marijuana is no longer “illegal” under the CSA, then Section 280E would no longer apply and cannabis companies could deduct their costs.
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These attempts at recouping 280E taxes are not long shots but cases
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