You may have heard Western Massachusetts dispensary Canna Provisions, cultivator of Smash Hits cannabis by Chemdog, is involved in a historic lawsuit against the federal government.
If you haven’t, here’s your chance to catch up with some headlines that the news made across outlets like Masslive/The Republican, Politico, The Dales Report, Ganjapreneur, Marijuana Moment, PR Newswire, the Wall Street Journal, Benzinga, Reuters, Marjuana Moment, Ganjapreneur, and more as the story develops.
Marijuana Companies Sue Attorney General To Block Enforcement Of ‘Unconstitutional’ Federal Prohibition
Joining other small cannabis businesses as well as some large multi-state operators (MSOs) like GTI, Canna Provisions joined the lawsuit as another possible means to have legal cannabis businesses like Canna Provisions in Lee and Holyoke to be treated as any other small business. IRS Tax Code 280E which remains in effect under the Controlled Substances Act and continues to tax cannabis businesses due to the federal status of cannabis, thus forcing cannabis companies to have an effective tax rate at over 70%, resulting among other things in only 24% of cannabis companies being profitable in the United States.
***Check back for updates as the case moves through the gears of justice, as we will update this post along the way.***
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