The federal rescheduling of medical marijuana is expected to lead to significant tax and operational changes for state-licensed dispensaries as the number of patients rises while sales fall in Arkansas.
Amanda Strickland, CEO of state-licensed dispensary The Source in Rogers, expects the rescheduling to benefit the bottom line. Still, regulatory changes might offset this. Curtis Winar of Little Rock is the certified public accountant for The Source. He said the federal rescheduling allows medical marijuana dispensaries to deduct all expenses that typical businesses can deduct.
The rescheduling order took effect April 22 and is applied retroactively as of Jan. 1. The order also encouraged the U.S. Treasury to go back further, which might allow dispensaries to amend years of past tax filings. But that has yet to be determined…