Maine latest state to offer marijuana businesses some 280E tax relief
Maine will allow legal marijuana businesses to take some tax deductions on their state returns to make up for forbidden expenses on their federal taxes.
Medical Marijuana News
Maine will allow legal marijuana businesses to take some tax deductions on their state returns to make up for forbidden expenses on their federal taxes.
An attorney for the alleged mastermind of an illegal interstate marijuana operation based in Maine claimed that a Congressional act intended to shield legal marijuana businesses from federal prosecution also protects his client.
The U.S. cannabis industry is benefiting from long-desired tax relief now that an increasing number of states – 20 so far – have approved laws that exempt, or “decouple,” businesses from Section 280E of the federal tax code.
MJBizDaily mapped a series of visuals illustrating where each marijuana multistate operator is operational.
State residency requirements for marijuana businesses might be in conflict with the implicit dormant commerce clause of the U.S. Constitution.
From the end of 2021 to the beginning of 2023, 1,350 licensed medical marijuana caregivers in Maine have left the industry, according to a new report about the “exodus” by the state’s Office of Cannabis Policy.
Recreational marijuana stores in Maine sold nearly $159 million in cannabis products in 2022.