Weed Wonks Podcast: Attorneys Jen Benda, Rachel Gillette, and Nate Pollock on a U.S. Tax Court case with major implications for 280E

In August 2023, the U.S. Department of Health and Human Services recommended the DEA reclassify cannabis from Schedule I to Schedule III under the Controlled Substances Act. That rescheduling recommendation is now at the center of New Mexico Top Organics, Inc. v. Commissioner, a critical U.S. Tax Court case regarding Internal Revenue Code Section 280E.

In the latest episode of Weed Wonks, host Jordan Wellington of Strategies 64 is joined by attorneys Jen Benda and Rachel Gillette of Holland and Hart, who are filing an amicus brief in the case on behalf of cannabis industry members, and Nate Pollack of SouthBank Legal, who is representing the taxpayers in the case. They discuss their brief and why the case could be a game-changer for U.S. cannabis companies.

They also explore the questions of whether the IRS can make 280E-related decisions on a case-by-case basis, whether such antiquated tax code language punishes compliance and rewards non-compliance, and why the cannabis industry needs its own self-regulatory agency.