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Webinar – Mainstreaming Cannabis: Internal Revenue Code 280E And Tax Efficiency

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.

Our panelists will discuss:

• The history of 280E ‒ How it came about and the current impact on the industry
• IRS audits and negotiations
• Challenging the constitutionality of 280E
• Considerations of rescheduling and resulting tax implications
• Protective refund claims
• Impacts of rescheduling on the balance sheet

Date: Friday, March 8, 2024

Time: 12:00 PM to 1:00 PM Eastern

Moderated by Seth Goldberg, Partner and Cannabis Industry Group Team Lead, Duane Morris LLP

Speakers include:

• Jeffrey Bowley, Managing Director, Outsourced Accounting Practice Leader, Centri Business Consulting
• Laurence Litt, Head of Tax, Ascend Wellness Holdings
• Tom Ostrander, Partner, Duane Morris LLP
• Lee Ann Evans, Senior Vice President of Capital Markets, The Cannabist Company