New Jersey Gov. Phil Murphy did the cannabis industry in his state a huge favor when he signed a law decoupling marijuana businesses from federal IRS Code Section 280E, the bane of the industry’s collective existence. 

What happened: The legislation, written by New Jersey Society of CPAs Cannabis (NJCPA) Interest Group, alleviates the cannabis industry from the IRS code that essentially penalizes anyone who sells “Schedule I or II controlled substances” from being able to deduct business expenses like other companies. And, as we know, cannabis is still classified as a Schedule I drug. This comes several months after the legislature …

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