// Definition
Section 280E of the US Internal Revenue Code which prevents businesses trafficking in Schedule I or II controlled substances from deducting ordinary business expenses against their revenue, resulting in massively inflated tax burdens for cannabis companies.
// From the Episode
ATN reported being kicked out of 38 banks and hit with 280E turning a couple million into nearly $4M in taxes for one year. The MSO industry stands to save an estimated $5 billion collectively if cannabis moves to Schedule 3 and 280E no longer applies.