Hi,
California and Oregon are taking steps toward interstate commerce but this might cause the federal government to withhold funding. It could also create havoc for the industries of other states by flooding neighboring states with low-cost cannabis.
Good news! The IRS recently released new guidance on tax deductions for cannabis-related expenses. This is more beneficial to manufacturers and cultivators than dispensaries due to 280E restrictions.
A recent bankruptcy case of a Massachusetts cannabis company employee was dismissed because their income was derived from the cannabis industry. In another case, a California court allowed a cannabis company to access bankruptcy benefits, saying the company had removed its wholesale cannabis product manufacturing and packaging business by the time it had filed, and was not looking to reorganize as a cannabis business.
While these cases highlight some of the unique legal challenges faced by the cannabis industry, it looks like we are making progress. :)
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I hope your week is rad!
Jessica
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