Regulatory and Political News
U.S. Tax Court Rules Cannabis Deductions are Not Allowed
In a development that came as another blow for the U.S. cannabis industry, the Tax Court ruled that the industry is not going to be eligible for business deductions. The court stated that the relevant section (Section 80E) of the Internal Revenue Service tax code is not applicable for cannabis operators.
Bernie Sanders Reveals Detailed Cannabis Legalization Plan
On the other hand, the industry received a boost of sorts in the months after Democratic Presidential candidate Bernie Sanders stated that he is going to work on a plan to legalize cannabis throughout the United States.
U.S. Retail Sales of CBD May Increase 133% in 2019, Surpass $10 Billion by 2024
One of the brighter spots for the cannabis industry in the United States has been steady growth enjoyed by CBD and experts believe that the sales figures should improve dramatically in the near future. In October, the Hemp & CBD Industry Factbook was released and in the report, it has been projected that CBD sales in the U.S. may rise by as much as 133% in 2019. However, that is not all. It has also been projected that total CBD sales in the country could rise to as much as $10 billion annually by 2024.
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