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Supreme Court Won’t Hear Cannabis Tax Break Dispute (2)

June 21, 2021, 1:37 PM; Updated: June 21, 2021, 4:42 PM

The U.S. Supreme Court won’t consider a challenge brought by several Colorado marijuana companies disputing an IRS summons over improper business deductions.

Speidell v. United States concerns tax code Section 280E, which says that a business that consists of trafficking in a Schedule I or II controlled substance can’t receive any tax deductions—and state-legal marijuana businesses currently fall under that restriction.

The high court rejected the chance to consider the case on Monday.

In the case, a group of marijuana dispensaries sought review of an IRS summons for tax returns to determine if the they claimed deductions blocked ...

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