CALIFORNIA – Tax Incentives For Cannabis Companies

The recent passage of the 2018 Farm Bill descheduled industrial hemp and its derivatives. This new law, combined with the pending bipartisan bill, the Strengthening the Tenth Amendment Through Entrusting States (STATES) Act, (which if passed would provide similar legal protections for cannabis where legalized), is paving the way for cannabis-related businesses to be treated like other agricultural businesses.The impact of Section 280E of the Internal Revenue Code has put cannabis companies at a disadvantage relative to non-cannabis businesses, which can deduct their ordinary and necessary business expenses, and use tax credits.

Bezinga.com

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