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Longtime California cannabis company reaches tax payment deal with IRS

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A pioneering California cannabis company said it struck a deal with the IRS to clear it of tax debt under Section 280E of the federal tax code, ending a long-running dispute between the business and the IRS.

StateHouse Holdings, formerly known as Harborside, said in a news release it agreed to a payment plan with the IRS to settle a $22 million federal tax bill.

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Under the deal, the Oakland-based company will pay the IRS $50,000 a month for 116 months.

The taxes owed were from the 2007 to 2012 tax years and the 2020 fiscal year, according to the release.

The total repaid will add up to just $5.8 million, roughly $15 million less than the business owes the IRS, if the payments don’t increase over time.

The IRS will reassess StateHouse’s financials in two years and could increase the monthly payments depending on how well the

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Marijuana Business Daily

New York to open social equity marijuana licensing window

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This free resource offers practical business tips and valuable insights from cannabis extraction professionals to help plan or scale your extraction or processing operation with confidence.

Inside the MJBizDaily Extraction Buyers Guide: In-depth guidance for planning a CBD extraction business Best practices in sourcing solvents + solventless materials Lessons in shopping for extraction/processing equipment Tips for outfitting a facility for psilocybin mushroom extraction And more!

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Marijuana Business Daily

Arkansas court orders recreational cannabis amendment put back on ballot

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    Opinion: How cannabis brands can drive innovation as functional products

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    Austin Stevenson

    Within the past two years, growing public health concerns and the proliferation of personal wellness products have created more health-conscious and proactive consumers.

    Recent market research indicates that 70% of consumers currently use food products for specific functional benefits to support their mental and physical well-being.

    As more consumers prioritize their holistic health, this presents a timely opportunity for the cannabis industry to create tailored formulations that cater to these evolving and varied preferences.

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    Considering how cannabis will only become more accessible in the years to come, brands have the ability to develop full-day product experiences that showcase the plant’s diverse applications.

    Moving forward, brands can shift their focus away from conventional THC and CBD products and harness the power of relatively untapped terpenes and minor cannabinoids.

    Embracing cannabis’ latest role as a functional product and creating customized offerings to support sleep, performance and rest can

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