The Business of Pot: Lawmakers Want Weed Federally Regulated Like Every Other Industry, Including Tax Breaks

The inability to apply for tax breaks and the lack of banking options for weed workers could change, if a group of lawmakers can get a package of newly introduced bills passed.

Although the marijuana industry raked in more than $6 billion in 2016 and pot is legal (to some degree) in 29 states and the District of Columbia, weed companies in legal states still don’t have access to simple business supports that just about every other industry in the U.S. qualifies for, like keeping money generated from marijuana sales secured in a federally regulated bank or applying for tax credits and business deductions.

Since cannabis remains classified as a Schedule I drug under the Controlled Substance list, many banks deny marijuana business owners their services, and section 28oE of the tax code prevents all companies dealing with controlled substances from filing for business deductions related to sales.

Read More at Newsweek.com