Green Insights Daily - 11/14/2023

What we're reading around the web.

Author

Andrew Berman
November 14, 2023

Here are five stories we're discussing in the Cannabis Professional newsroom.

280E was initially created to address drug dealers in the 1980s, deducting business expenses.

The potential end of 280E, a tax code that affects cannabis businesses, could lead to lower taxes for producers as the Drug Enforcement Administration considers rescheduling marijuana. In Connecticut, a man named Derrick Gibbs runs a cannabis business with his mom, showcasing the unique nature of their family-run enterprise. Meanwhile, Oklahoma regulators are taking legal action against cannabis cultivation facilities for noncompliance with signage laws. In Connecticut, licensing delays are impacting total cannabis sales, making it difficult for new entrants to break into the market. Lastly, insights from CPAs on the potential reclassification of cannabis as a Schedule III drug and how it could provide tax credits and initiatives for cannabis businesses.

What the end of 280E might mean for cannabis business taxes

As the Drug Enforcement Administration weighs rescheduling marijuana, producers are looking forward to the prospect of lowering their taxes.

mjbizdaily.com/what-the-end-of-280e-might-mean-for-cannabis-business-taxes

Meet the CT man who runs a cannabis business with his mom

Derrick Gibbs has a family business. But unlike many other family-run enterprises, Gibbs markets cannabis alongside his mom. 

www.ctinsider.com/cannabis/article/ct-cannabis-family-business-west-hartford-18471967.php

Oklahoma Regulators Take Legal Action Against Cannabis Cultivation Facilities Over Noncompliance With Signage Laws

The Oklahoma Medical Marijuana Authority filed 165 petitions for revocation against licensed growers for failing to display the required signage.

https://www.cannabisbusinesstimes.com/news/oklahoma-regulators-take-legal-action-against-cannabis-cultivation-facilities-signage/

Cannabis licensing delays in Connecticut affecting total sales

New entrants struggle to crack into the Connecticut market as sales of adult-use and medical cannabis dropped to $24.8 million in October.

mjbizdaily.com/cannabis-licensing-delays-in-connecticut-affecting-total-sales

What Cannabusinesses Need to Know About the Potential Schedule III Drug Classification

The reclassification of cannabis will allow cannabis businesses to benefit from these tax credits and initiatives for programs or systems that many are already implementing.

www.cpapracticeadvisor.com/2023/11/09/what-cannabusinesses-need-to-know-about-the-potential-schedule-iii-drug-classification/97363

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