Metro Detroit cannabis attorney warns of possible tax clawbacks as new federal filings complicate marijuana rescheduling and potentially delay substantial tax savings.
DETROIT — A Michigan marijuana dispensary generating $5 million in annual sales could potentially save $315,000 a year in federal taxes if Washington changes marijuana’s federal classification. But new legal challenges threaten to complicate that relief — and could create unexpected tax bills for some medical marijuana businesses.
Metro Detroit cannabis attorney Thomas M.J. Lavigne of Cannabis Counsel, a former chairman of the State Bar of Michigan’s Cannabis Law Section, warns that medical marijuana businesses claiming federal tax deductions under the Trump administration’s new rules could face additional taxes, interest and possible penalties if a federal appeals court overturns the policy and gives its ruling retroactive effect…