Reed Smith Client Advisory: An overview of the state tax implications facing the cannabis industry
Reed Smith Client Advisory: An overview of the state tax implications facing the cannabis industry
Currently eight states regulate recreational adult-use cannabis1 and twenty-eight states and Washington D.C. allow the use of medically prescribed cannabis.2 The legalization of both recreational and medically prescribed cannabis led to nearly $9 billion in sales in 2017 along with a corresponding tax windfall in many of these states. As the legal cannabis industry grows at an exponential pace, cannabis businesses should be aware of the various tax implications facing the industry.
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