In this episode of The Law by Leo Podcast, host Lisa Mosbey welcomes Alex Leonowicz, a partner at Howard and Howard Attorneys, PLLC, to discuss the recent reclassification of medical cannabis and FDA-approved marijuana products from Schedule One to Schedule Three under the Controlled Substances Act. Alex, with over 13 years of experience in corporate law and a background in the cannabis industry, breaks down what this change means for businesses.
The conversation covers the implications for IRS Section 280E, potential retroactive tax relief, and the ongoing challenges with banking and financing in the cannabis sector. Alex also highlights the importance of maintaining separate tracks for medical and recreational operations to optimize tax benefits. This episode is essential for cannabis business owners looking to adapt to regulatory changes and leverage new opportunities for growth.
00:01 – Introduction
00:12 – Cannabis Reclassification Overview
01:30 – DOJ and DEA Actions Explained
02:33 – Distinction Between Medical and Recreational Cannabis
03:08 – Understanding Schedule One vs. Schedule Three
03:50 – Impact of IRS Section 280E
05:45 – Retroactive Tax Relief Possibilities
06:46 – Tax Strategies for Dual License Operators
08:37 – Banking Challenges in the Cannabis Industry
10:02 – Potential Effects of the Safer Banking Act
13:04 – Institutional Investment Opportunities
14:13 – Misconceptions About Legalization
16:02 – Upcoming June 29th Hearing
17:02 – Immediate Steps for Cannabis Business Owners
18:21 – Importance of Fractional General Counsel
The Law by Leo Podcast is designed for professionals navigating the complexities of high-compliance industries, with a focus on legal strategies and regulatory insights. Hosted by Lisa Mosbey, the show features expert discussions on topics like cannabis law, corporate compliance, and business growth strategies.
Each episode aims to equip listeners with practical knowledge to make informed decisions, ensuring they stay ahead in a constantly evolving legal landscape. Whether you're a business owner, attorney, or industry stakeholder, The Law by Leo Podcast delivers valuable content to help you thrive.
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