“A lot of things that we thought would happen from a legislative standpoint really didn’t happen, and we don’t know when it’s going to happen,” said Rick Ringold, who with his wife holds Cannabis Social Equity Licenses to grow, distribute and transport cannabis. He said strict state regulations, high taxes, and limited capital are making it challenging to stay afloat.
I think most of their problems are caused by the feds stalling the process to reschedule cannabis to a schedule 3 drug as opposed to s1 where it is now with heroin and fentanyl.
Isn’t Illinois Fun?
1 year ago
Leave it to IL to screw up pot by overtaxing it. The beast has to be fed before anyone else can make a dime.
IL taxes are not the worst problem for cannabis entrepreneurs. IRS schedule 280e prohibits them from deducting business expenses from their taxable income. This punitive law goes away when cannabis is rescheduled to 3.
A largely unasked question is becoming glaring: Is Illinois doing all it should to use artificial intelligence to make government cost less and work better? So far, the evidence says no.
I think most of their problems are caused by the feds stalling the process to reschedule cannabis to a schedule 3 drug as opposed to s1 where it is now with heroin and fentanyl.
Leave it to IL to screw up pot by overtaxing it. The beast has to be fed before anyone else can make a dime.
IL taxes are not the worst problem for cannabis entrepreneurs. IRS schedule 280e prohibits them from deducting business expenses from their taxable income. This punitive law goes away when cannabis is rescheduled to 3.