David McManus
How the Anticipated Rescheduling of Cannabis and its Effects on 280E Reshapes Cannabis Tax Strategy
Cannabis businesses may gain access to tax deductions and strategies long restricted under federal law. This shift requires careful reassessment of cash flow, accounting positions, and long-term planning to leverage new flexibility. Key Takeaways: For years, Section 280E has shaped nearly every financial decision cannabis operators make. It dictates how taxes are calculated, how cash […]
Cannabis Rescheduling to Schedule III: What It Means for Cannabis Businesses
The U.S. Department of Justice has begun the long-anticipated shift of cannabis from Schedule I to Schedule III under the Controlled Substances Act. The action follows a presidential directive issued late last year and marks a notable change in how federal regulators approach cannabis, particularly in the context of medical use, research, and taxation. The […]
AAFCPAs to Present on Cannabis Finance and Compliance at 2026 NECANN
Operators, investors, and advisors across New England and nationwide are preparing for significant tax and regulatory change. Federal rescheduling and the expected inapplicability of Section 280E to cannabis are set to reshape growth strategies and compliance requirements. These developments set the stage for timely industry discussion at the 2026 New England Cannabis Convention and NECANN […]
Massachusetts Cannabis Repeal Could Shift Market to Medical-Only
Changes could narrow legal cannabis access and create operational and financial challenges for Massachusetts businesses. Early preparation and strategic guidance can help operators navigate and sustain long-term growth. Key Takeaways: In Massachusetts, a new ballot initiative proposes unwinding the adult-use cannabis market, a shift that would reshape both the regulatory landscape and the state economy. […]
Federal Court Ruling May Reopen COVID-Era Tax Penalty Refunds
A federal court ruling may allow some taxpayers to recover interest and penalties paid during the COVID-19 disaster period. The decision clarifies how suspended tax deadlines affect refund and abatement opportunities. Key Takeaways: A recent federal court ruling may reopen refund opportunities many taxpayers assumed had closed after the pandemic. In Kwong v. United States, […]
Cannabis Business Sale Proceeds: Key Considerations Before Cashing Out
Key Takeaways: A cannabis sale requires careful financial and operational planning well in advance of a transaction. Proceeds depend on how deal structures, tax exposure, capital obligations, and regulatory timelines interact over the life of the business. A pending sale often signals progress for a cannabis operator, but the purchase price alone does not determine […]
Executive Order to Reschedule Cannabis: What It Means for IRC 280E
On December 18, 2025, President Trump issued an Executive Order directing the Department of Justice (DOJ) to expedite the rescheduling of cannabis to Schedule III under the Controlled Substances Act (CSA). This action follows the Department of Health and Human Services’ (HHS) 2023 recommendation and represents a major turning point for state-legal cannabis businesses. Why […]
Cannabis Rescheduling: What It Means for Operators and Investors—and How We’ll Help You Navigate It
The federal government’s anticipated move to reclassify cannabis from Schedule I to Schedule III under the Controlled Substances Act is one of the most consequential policy shifts the industry has seen to date. While this change may promise tax relief, expanded research opportunities, and improved access to capital, it also likely introduces stricter federal oversight […]
Seminar Recap: Tax Strategies for Cannabis Operators 2025
During AAFCPAs’ recent Tax Strategies for Cannabis Operators webinar (October 2025), AAFCPAs’ Cannabis practice leaders presented practical guidance to operators on navigating Section 280E compliance, optimizing cost of goods sold, managing cash flow and operational challenges, and evaluating strategies for exit planning, including Qualified Small Business Stock and employee ownership structures. The past year for […]