FOR IMMEDIATE RELEASE
April 17, 2023
Erin Moffet, Erin@TheLiaisonGroup.com, (276) 698-4856
NATIONAL CANNABIS ROUNDTABLE COMMENDS CONGRESSIONAL ACTION TO PROVIDE TAX EQUITY FOR CANNABIS BUSINESSES
Washington, D.C. – Today, the National Cannabis Roundtable (NCR) announced its strong support of the Small Business Tax Equity Act of 2023 introduced by Congressman Earl Blumenauer (D-OR), David Joyce (R-OH), Barbara Lee (D-CA), and Nancy Mace (R-SC), which would allow cannabis related businesses that are in compliance with state law to have equal access to tax deductions and credits they are currently denied. By amending Section 280E of the tax code, this bipartisan bill will have a substantial positive impact on the viability of small, minority, veteran, and women-owned businesses operating in the 38 states with legal cannabis programs.
Saphira Galoob, Executive Director of the National Cannabis Roundtable, released the following statement:
“The two greatest challenges cannabis entrepreneurs are currently faced with are the lack of access to capital and unfair tax burdens. By eliminating the impact of 280E on state-legal cannabis operations, Congress would be giving these businesses, including small and minority operators, the opportunity to remain financially viable and to reinvest in their companies, communities, and workforce through tax credits and deductions that are routinely offered to other domestic industries. This relief is crucial for an industry that employs hundreds of thousands of American workers and generates billions of dollars in annual state and federal taxes – albeit without access to traditional financial resources. We thank Congressman Blumenauer for his leadership on this critical, bipartisan issue, and the bill sponsors’ commitment to ensuring the cannabis industry grows in a fair and equitable manner.”
The National Cannabis Roundtable is an alliance of cannabis companies, as well as ancillary services and solutions providers, who seek cannabis reform that nurtures the nascent domestic industry, protects consumers, and advances social equity.