Mainstreaming Cannabis: Internal Revenue Code 280E and Tax Efficiency

March 8, 2024 | Webinar | Duane Morris LLP

Webinar Replay

The Duane Morris Cannabis Industry Group, the American Trade Association for Cannabis and Hemp and Centri Business Consulting presented Mainstreaming Cannabis: Internal Revenue Code 280E and Tax Efficiency on Friday, March 8, 2024, from 12:00 p.m. to 1:00 p.m. Eastern.

About the Program

Cannabis companies face unique challenges due to the federal prohibition of cannabis. They extend from the starting point of establishing a business to well after any profits are made. Chief among post-business transaction concerns is Section 280E of the Internal Revenue Code, which forbids businesses from deducting otherwise ordinary business expenses from gross income associated with the “trafficking” of Schedule I or II substances, as defined by the Controlled Substances Act. Given this particular hurdle, achieving tax efficiency can be daunting—but the expected rescheduling of cannabis could change everything.

Moderator

Seth A. Goldberg, Partner, Duane Morris LLP

Presenters

Jeffrey Bowley, Managing Director, Centri Business Consulting LLC

Lee Ann Evans, Senior Vice President of Capital Markets, The Cannabist Company

Lawrence A. Litt, Head of Tax, Ascend Wellness Holdings

Thomas W. Ostrander, Partner, Duane Morris LLP

About the Mainstreaming Cannabis Webinars

These webinar programs will cover various topics affecting the cannabis industry in 2024, including real estate, employment, tax, trademark and branding and more. The session will review implications of the possible rescheduling of cannabis from a state and federal level and across other industries.

About the Duane Morris Cannabis Industry Group

Duane Morris attorneys in offices throughout the U.S. and internationally have extensive experience with the wide array of issues attendant to legal cannabis business activities, including licensing for cultivation, processing and dispensing; litigation; banking and finance; raising and deploying capital; mergers and acquisitions; protecting intellectual property; real estate development; public company representation and SEC filings; land use and zoning; healthcare and research; taxation; and cross-border transactions. In addition to advising participants in the medical and adult-use cannabis and hemp/CBD industries, as the industry has grown, Duane Morris attorneys experienced in cannabis-related issues frequently advise clients in other sectors whose businesses intersect with the expanding regulated cannabis sector.

About ATACH

The American Trade Association for Cannabis and Hemp (ATACH) is a 501(c)(6) trade organization founded to promote the expansion, protection and preservation of businesses engaged in the legal trade of industrial, medical and recreational cannabis and hemp based products. ATACH is ushering in the next phase of marketplace expansion by providing a bridge from the cannabis industry to mainstream, name brand, businesses who will be partners in advancing the industry and ending prohibition. The organization is playing a leading role in professionalizing industry representation and facilitating the next generation of the marketplace.

About Centri Business Consulting

Centri Business Consulting is dedicated to providing the highest quality consulting services to its clients by being reliable and responsive to their needs. Centri provides companies with the expertise they need to meet their reporting demands. From complex technical accounting transactions to periodic financial reporting, Centri’s professionals can offer any organization the specialized expertise and multilayered skillsets to ensure the project is completed timely and accurately.