Trump Is 'Misinformed' About Hemp THC Product Ban, GOP Senator Says
Key Takeaway
A Republican senator who says he has a "great relationship" with President Donald Trump nonetheless is publicly saying he thinks the president is confused about the effects of hemp products. Sen. Ted Budd (R-NC), who recently led an unsuccessful effort to keep the federal recriminalization of hemp THC products on track for November as scheduled,
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.
Find Help
Related News
Virginia Legislature Sends Cannabis Sales Legalization Bill to Governor
Cannabis MSOs Owe $1.6 Billion in Unpaid 280E Taxes as IRS Fights Back
IRS Disputes Cannabis Company's Challenge to 280E in Tax Court
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.