GOP Congressman Being Supported By Marijuana Industry Donations Says Legalization Is 'Hurting' People
Key Takeaway
A Republican congressman whose reelection bid is being boosted by donations from some of the U.S.'s largest marijuana businesses says the legalization of cannabis is "hurting" society. A question posed to Rep. Mike Lawler (R-NY) and his Democratic opponent Cait Conely during a debate on Monday asked whether New York's legal cannabis law is "helping
What This Means for Cannabis Businesses
Tax developments like this directly impact the bottom line for every cannabis operator. With Section 280E creating effective tax rates above 70% for many businesses, any shift in federal tax policy - whether through rescheduling, court rulings, or IRS guidance - can mean the difference between profitability and closure. Cannabis business owners should work closely with a specialized CPA to understand how these changes affect their specific situation.
New York Cannabis Market Overview
New York is one of the newest major recreational markets. Despite a slow rollout, the state has issued over 2,100 licenses and continues to expand. The state has approximately 2,161 active cannabis licenses and 13 licensed testing laboratories. There are 49 cannabis professionals serving New York businesses on our directory, including CPAs, attorneys, and compliance consultants.
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Michigan Cannabis Sales Fall to Lowest Level in Two Years Under New Wholesale Tax
This analysis is based on reporting by Marijuana Moment. Read the original article. CannaBizGuide provides original commentary and analysis - this is not legal or tax advice.