I want to be very clear with you, Dear Reader. You won’t read cannabis news like this every day. This story is HUGE and we must all come together to fight against it. Dispensaries are already closing because of this IRS ruling.
In a potentially crushing blow to the burgeoning medical marijuana industry, the IRS has ruled that dispensaries cannot deduct standard business expenses such as payroll, security or rent.
Harborside Health Center, one of the nation’s largest medical marijuana dispensaries and considered a model for the industry, is on the hook for $2.5 million in taxes from 2007 and 2008. That is $2 million more than the Oakland, Calif.-based company paid for those tax years.
“I see only two outcomes here,” said Steve DeAngelo, director and chief executive of Harborside. “Either this IRS assessment has to change or we go out of business. There really isn’t a middle ground for us.”
DeAngelo says the ruling will likely be appealed. He has 90 days to respond to the ruling.
Dear Reader, that is the leader of the biggest dispensary in the US talking. If Harborside goes down, who else can defeat the IRS? We must stand together with Harborside. Put pressure your political leaders today!!!! Patients must be allowed safe access to their medicine, as the voters set into law with the passage of Prop 215 in California. Who is the federal government to say otherwise when they provide medical marijuana to a group of patients each month. Check out the story of federal marijuana patients like Irv Rosenfeld here.
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