MJBiz - November/December 2023 - 56

Photo by stoack.adobe.com/Proxima Studio
Tax Relief Within Sight
Moving marijuana to Schedule 3 would liberate
plant-touching businesses from the loathed Section 280E
By Chris Roberts
A
s the co-founder and CEO of
Capitol Wellness Solutions in
Baton Rouge, Louisiana, Randy
Mire runs one of only 10 companies
awarded a license to sell medical
marijuana in the southern state.
A change in state law that went into
effect last year means the number
of dispensaries-or pharmacies, as
Louisiana's brick-and-mortar marijuana
retail locations are called-allowed in the
state might triple.
As for the ability to pay less in taxes
to the federal government and retain
more capital to scale his business,
Mire might have President Joe Biden's
administration to thank.
On Aug. 29, the U.S. Department
of Health and Human Services
recommended that
marijuana be removed from
Schedule 1 of the Controlled
Substances Act and instead
be classifi ed in Schedule 3.
That recommendation
is currently under
Drug Enforcement
Administration review. If
and when rescheduling
becomes law-a process
that legal experts expect
to unfold as early as the
fi rst half of 2024-Mire and
every other regulated marijuana
business owner in the United States
will enjoy an enormous tax cut, as the
notorious IRS Section 280E would no
longer apply.
56 November-December 2023 | MJBizMagazine
Rescheduling
" will allow us
to scale a lot
quicker, " Mire told
MJBizMagazine in
a recent phone
interview.
" Historically, because
of 280E, we can't build out
facilities, " he said. " We want to be
able to give an experience to a patient
that's no different than any other
pharmaceutical medication.
HISTORY OF 280E
In 1981, a convicted cannabis
and cocaine traffi cker named Jeff
pharmaceutical medication.
" This new rule will allow me to build
nicer facilities. "
http://stoack.adobe.com/Proxima

MJBiz - November/December 2023

Table of Contents for the Digital Edition of MJBiz - November/December 2023

MJBiz - November/December 2023 - CT1
MJBiz - November/December 2023 - CT2
MJBiz - November/December 2023 - Cover1
MJBiz - November/December 2023 - Cover2
MJBiz - November/December 2023 - 3
MJBiz - November/December 2023 - 4
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MJBiz - November/December 2023 - Cover3
MJBiz - November/December 2023 - Cover4
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MJBiz - November/December 2023 - CT4
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