Taxes

Helios Raphael Dayspring, the former owner of a California cannabis retailer, has been charged in federal court with bribery and failing to report millions of dollars in income to the Internal Revenue Service.

Democratic senators unveiled the Cannabis Administration and Opportunity Act today, which seeks to federally legalize cannabis and contains social justice elements aimed at undoing the harms of prohibition.

Missouri Gov. Mike Parson vetoed a measure that would have let medical cannabis companies deduct normal business expenses when filing their state taxes.

Multiple cannabis companies had petitioned the high court to hear their case following a previous ruling that the IRS could use 280E to determine whether a business or individual was in violation of criminal drug laws.

The initiative would raise the state’s cannabis excise tax to fill the pandemic-related education funding gap.

Adult-use cannabis sales in Maine reached an all-time high at nearly $5.4 million in May.

Adult-use cannabis legalization in the U.S. has generated nearly $8 billion in tax revenue for the states that have passed the reforms.

The Acting Solicitor General of the United States Elizabeth Prelogar filed a brief this week supporting IRS investigations into state-legal cannabis companies under Section 280E.

In a nearly unanimous vote, Missouri lawmakers delivered a bill to the governor that will let the state’s medical cannabis companies deduct ordinary business expenses on their state tax returns.

Lawmakers in Louisiana’s House rejected a measure to tax adult-use cannabis sales if and when the state passes the reforms, likely dooming the reforms for this year and the next.

Illinois cannabis tax revenues outpaced alcohol tax revenues for the first time after generating $86 million during the year’s first quarter.

The U.S. Supreme Court declined to hear an appeal case brought by California cannabis companies seeking to challenge their severe tax bills under Section 280E due to delayed paperwork.

An appeal of Section 280E of the Internal Revenue Code filed by California-based Harborside Health Center was rejected in the U.S. Circuit Court of Appeals on Thursday.

Wisconsin’s governor said that Illinois’ governor keeps thanking him for having so many Wisconsinites cross state lines to buy cannabis products and pay Illinois state taxes.

Washington state failed to pass key updates to its medical and adult-use cannabis systems this year, including the state’s long-awaited home grow bill.

A Rhode Island Senate legalization proposal would establish an adult-use cannabis marketplace with a 20 percent tax rate.

Evanston, Illinois is ready to start sending $25,000 reparation payments to help Black residents afford housing in the north Chicago neighborhood. The payments will be funded by a 3% tax on adult-use cannabis.

Cannabis industry taxes and fees have generated about $11.6 million each for Michigan’s School Aid Fund and Transportation Fund.

UPS announced it will stop shipping vape products starting April 5, the result of federal regulations from the omnibus spending bill approved and signed last year.

IRS Commissioner Charles Rettig said during a recent House subcommittee hearing that the agency would prefer if cannabis industry tax payments were not paid in cash.

Public schools in Peoria County, Illinois are getting just over $858,000 in cannabis-derived tax revenue from the state.

The U.S. Tax Court ruled that California-based San Jose Wellness, a subsidiary of Harborside, is liable for $4.2 million in taxes under federal law.

Despite the pandemic, Colorado set a new annual cannabis sales record in 2020 at $2.19 billion.