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Measuring the Downstream Impact of 280e Removal
by Erik Ott With a glimmer of light at the end of the tunnel for a move from a Schedule 1 drug to a Schedule 3 drug the cannabis industry has begun to contemplate how the removal of 280e would impact licensed operators. Most of the focus has been on the top publicly-held 12 MSOs and how this benefits their businesses, with many analysts demonstrating free cash flow savings measured in the…
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Why We Love the Harborside IRC §280E Appeal
Why We Love the Harborside IRC §280E Appeal
By Vince Sliwoski, Attorney at Harris Bricken
Recently, I mentioned that except for Champ v. Commissioner, no cannabis company has ever won an IRC §280E case. One of the more famous setbacks was a 2018 case known as Harborside v. Commissioner, which expressly found Internal Revenue Code §280E constitutional. That decision started with the memorable line that:
“[Harborside] owns what may well be…
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International Cannabis: Guidance for Companies Entering the U.S. Market, Part 2 – Taxation
International Cannabis: Guidance for Companies Entering the U.S. Market, Part 2 – Taxation
by Jonathan Bench, Attorney At Harris Bricken
In prior blog posts (see here and here), I described how we have been fielding regular inquiries regarding international cannabis, both from companies inside the U.S. looking internationally and from international companies looking to the U.S. market. This post deals with taxation issues for international companies seeking to enter the U.S. market.
Ta…
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How to Convert a California Nonprofit Mutual Benefit Corporations to a For-Profit Corporation under Proposition 64
How to Convert a California Nonprofit Mutual Benefit Corporations to a For-Profit Corporation under Proposition 64
Law Prior to 2018 – Non-Profit MBCs Ruled
Medicinal cannabis businesses in California generally operated as nonprofit mutual benefit corporations prior to 2018.
Although these medicinal cannabis businesses formally are incorporated as nonprofit mutual benefit corporations, they do not meet the requirements for income tax exemption described in Internal Revenue Code (IRC) Section 501(c) or…
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