In the latest episode of Weed Wonks, host Jordan Wellington is joined by attorneys Jen Benda and Rachel Gillette of Holland and Hart and Nate Pollack of SouthBank Legal, who explain how HHS’s rescheduling recommendation came to be at the center of a critical U.S. Tax Court case regarding Internal Revenue Code Section 280E. They discuss a brief they are working on filing in the case and why it could be a game-changer for U.S. cannabis companies.
They also explore the questions of whether the IRS can make 280E-related decisions on a case-by-case basis, whether such antiquated tax code language punishes compliance and rewards non-compliance, and why the cannabis industry needs its own self-regulatory agency.