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Harborside appeals 280E ruling on cannabis business expenses

California-based Harborside, one of the most well-known and longest-operating cannabis dispensaries in the nation, said Tuesday it is appealing an $11 million judgment against the company regarding business deductions under 280E of the IRS tax code. “There is an increasing realization that Section 280E as applied by the IRS is (a) tax imposed without regard to income and violates the Sixteenth Amendment to the Constitution, which requires that the federal tax must be measured by income, not sales,” Harborside’s general counsel, Jack Nichols, said in a statement. Harborside interim CEO Peter Bilodeau added that the company contends the U.S. Tax Court “misapplied the law as it relates to dispensaries” in an October ruling against the Oakland-based company.

Inactive Arkansas medical marijuana licenses could be revoked

Arkansas officials said medical cannabis licenses may not be reissued when they are up for renewal in June. Arkansas Alcoholic Beverage Control officials said they could begin taking action against inoperable dispensaries at the end of January, but the necessary rule to enable them to do that won’t be approved by then, the Arkansas Democrat-Gazette reported. Marijuana commissioners have expressed frustration about how long it is taking the 32 dispensaries in Arkansas to open since being licensed this year. Currently, only 11 dispensaries are operating.

– Associated Press

Maine cannabis business application process opens Thursday

Maine will start accepting marijuana business licenses this week. The Maine Office of Marijuana Policy will publish applications on Thursday for state provisional licenses to grow, sell and manufacture cannabis products, kicking off a lengthy review. Local approval is needed before a conditional state license can be converted into an active one, the Portland Press Herald reported.

– Associated Press

Minnesota OKs medical marijuana s for chronic pain, eye disease

Minnesota is expanding the state’s medical cannabis program to include chronic pain, a move that is expected to substantially boost sales since the condition is typically the leading driver for MMJ recommendations. Age-related macular degeneration also is a condition that for the first time can qualify for treatment, according to state regulators. Regulators also announced they would allow more sites where patients can access medical cannabis, which is key for the two financially struggling companies that provide MMJ in Minnesota.

– Associated Press


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