Author: Dorron Blumberg

Adult-use marijuana will not be on the 2020 ballot, but the year does welcome the beginning of Florida’s awaited “Hemp program”, which is governed by rules effective New Year’s Day. This article is intended to be useful information for anyone who plans to locate, or is considering locating themselves somewhere in Florida’s hemp industry.

Leave it to the IRS to have written specific tax code for just about every profession and activity imaginable, both legal and illegal. Unfortunately, in the case of a state legal cannabis-based business, that falls under tax code §280E which was written for trafficking illegal drugs. This 1982 code states that “no deduction or credit shall be allowed for any amount paid

In 1982, Congress enacted Internal Revenue Code Section 280E, which states:

In this ever-growing cannabis industry, how do you know what you are getting. There are so many new companies popping up and flooding the market with products that all look the same and all say theirs is the best.

Although there have been Florida statues in place regarding the requirements for hemp and CBD products for months now, enforcement began in January. Inspectors have a wide array of new things to look for and stores were given an initial 30 days to comply before being reinspected and having these products pulled however this deadline will be extended slightly from what we have heard.