Cannabis companies owe the IRS $1.6 billion and counting in past-due 280E-related bills, and marijuana rescheduling is unlikely to change that, the agency said in recent filings.
Major marijuana multistate operators owe more than $1.6 billion in back taxes collectively to the federal Internal Revenue Service, according to their recent public filings.
Withheld by the MSOs from the taxman as part of a bold but risky strategy to increase cash flow, the unpaid taxes due under Internal Revenue Code Section 280E are still owed, attorneys from the IRS argued in a recent cannabis-related case.
And because it’s not yet finalized – and wasn’t in effect in the past when the taxes were due – President Donald Trump’s recent marijuana rescheduling executive order does not change that.