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280E has had a significant impact on both adult use and medical cannabis and marijuana businesses. Challenges to the tax environment may provide pathways to significant changes in the tax treatment of these businesses. Cannabis companies should consider filing amended returns or protective claims for amended returns as soon as possible to preserve their right.

LD 1063 amends Maine's tax laws to allow Maine Adult Use cannabis businesses to deduct business expenses from their state taxable income. With this change, all Maine cannabis licensees are now treated equally from a state tax standpoint.

State and federal tax laws are often overlooked by cannabis companies. Tax planning and understanding your tax obligations are necessary to ensure your company remains in tax compliance.