What Cannabis Business Owners Should Know About R&D Tax Credits

November 2024 Because cannabis is still considered an illegal Schedule I substance by the United States Drug Enforcement Agency (DEA), many of the federal tax deductions and credits that would normally apply to business owners do not apply to those in the cannabis business. This remains true even in states where cannabis has been legalized—and will remain true indefinitely, at least until the DEA formally reclassifies the drug under a different schedule (which may actually be happening sooner rather than later). View the full article here.