US Treasury Department Says Tax Guidance Forthcoming for Medical Cannabis Businesses

The US Treasury Department and the Internal Revenue Service will soon be providing explicit tax guidance for state-licensed medical cannabis businesses so that they can ease their federal tax burden. The agencies announced their intentions in a press release issued one day after the acting Attorney General’s order to reschedule state-authorized medical cannabis products from Schedule I to Schedule III of the Controlled Substances Act. “Treasury and the IRS expect DOJ’s action to have significant…