Trulieve Challenges the IRS: A Quest for Fair Taxation in the Cannabis Industry

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Leading US-based multistate marijuana company Trulieve Cannabis Corp. is seeking a refund for taxes paid over three years. As this legal battle unfolds, cannabis industry stakeholders will watch closely to see whether Trulieve manages to effect change in an arguably unfair aspect of the US federal tax code. Representatives from Trulieve did not provide further insight into their stance but reiterated the company’s belief in not owing those taxes. This section prohibits such organizations from deducting standard business expenses when filing their federal income tax returns, ultimately leading to significantly larger tax bills. While their effort could potentially bring about much-needed change, the challenges posed by the IRS and the possibility of increased regulatory scrutiny cannot be discounted.

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Leading US-based multistate marijuana company Trulieve Cannabis Corp. is seeking a refund for taxes paid over three years. The company firmly believes it does not owe these taxes and has based its determination on specific legal interpretations that challenge the tax liability imposed by Section 280E of the Internal Revenue Code. Representatives from Trulieve did not provide further insight into their stance but reiterated the company’s belief in not owing those taxes. After evaluating their tax position thoroughly, they will share more information as deemed appropriate.

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