Pot Co. Harborside Takes $11M Tax Bill Battle To 9th Circ.
By Sarah Jarvis (December 3, 2019, 4:13 PM EST) -- California cannabis company Harborside Inc. announced Tuesday that it has filed a notice of appeal to the Ninth Circuit of a U.S. Tax Court decision determining the company owes $11 million in taxes.
Harborside battled with the Internal Revenue Service over whether the company is subject to a tax code clause targeting drug dealers. In 2018, U.S. Tax Court Judge Mark Holmes rejected the company's argument that 280E, a tax code clause that bans deductions for companies that traffic in controlled substances, should not apply to legal marijuana businesses.
Harborside interim CEO Peter Bilodeau said in a news release that the...
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