Webinar – Mainstreaming Cannabis: Internal Revenue Code 280E And Tax Efficiency

Location

Online

Date + Time

March 8th at 12 PM ET

Cannabis companies face unique challenges due to the federal prohibition of cannabis. They extend from the starting point of establishing a business to well after any profits are made. Chief among post-business transaction concerns is Section 280E of the Internal Revenue Code, which forbids businesses from deducting otherwise ordinary business expenses from gross income associated with the “trafficking” of Schedule I or II substances, as defined by the Controlled Substances Act. Given this particular hurdle, achieving tax efficiency can be daunting ‒ but the expected rescheduling of cannabis could change everything.

Our panelists will discuss:

  • The history of 280E ‒ How it came about and the current impact on the industry
  • IRS audits and negotiations
  • Challenging the constitutionality of 280E
  • Considerations of rescheduling and resulting tax implications
  • Protective refund claims
  • Impacts of rescheduling on the balance sheet

Date: Friday, March 8, 2024

Time: 12:00 PM to 1:00 PM Eastern

Moderated by Seth Goldberg, Partner and Cannabis Industry Group Team Lead, Duane Morris LLP

Speakers include:

  • Jeffrey Bowley, Managing Director, Outsourced Accounting Practice Leader, Centri Business Consulting
  • Laurence Litt, Head of Tax, Ascend Wellness Holdings
  • Tom Ostrander, Partner, Duane Morris LLP
  • Lee Ann Evans, Senior Vice President of Capital Markets, The Cannabist Company

About Centri Business Consulting, LLC

Centri Business Consulting provides the highest quality advisory consulting services to its clients by being reliable and responsive to their needs. Centri provides companies with the expertise they need to meet their reporting demands. Centri specializes in financial reportinginternal controlstechnical accounting researchvaluationmergers & acquisitions, and tax, CFO and HR advisory services for companies of various sizes and industries. From complex technical accounting transactions to monthly financial reporting, our professionals can offer any organization the specialized expertise and multilayered skillsets to ensure the project is completed timely and accurately.

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