Here’s how the IRS will hurt Ohio’s medical marijuana industry

Marijuana businesses that crop up around Ohio once the state’s medical marijuana law goes into effect are likely to face a steep tax burden.

A line in the Internal Revenue Code known as Section 280E prohibits businesses involved with the trafficking of illegal drugs from deducting any business expenses from gross income. Since marijuana is illegal at the federal level, the Internal Revenue Service has applied the rule to legal medical marijuana businesses and will do so in Ohio, unless something changes before things get underway.

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