How Cannabis Reclassification is Saving Businesses Millions in Taxes

What happens when a single regulatory shift unlocks millions of dollars in previously "lost" tax revenue for an entire industry?In this episode of Entrepreneurship Unlocked, we dive deep into the seismic shifts hitting the cannabis landscape. Hosts Kelsey Ellis and Diego De La Torre from Opsahl Dawson join the conversation to break down the massive implications of the recent executive order moving cannabis from Schedule I to Schedule III.For years, cannabis entrepreneurs have been hamstrung by the notorious Section 280E, a tax code that prevented them from deducting standard operating expenses—often resulting in effective tax rates as high as 70%. We explore the "how" and "when" of this reclassification and what it means for the future of the industry.In this episode, we dive into:The Death of 280E: How moving to Schedule III finally allows cannabis businesses to operate on a level playing field.Banking & Liquidity: Why this shift could finally open the doors to traditional financing and institutional investment.The R&D Incentive: How businesses can now leverage tax credits to innovate and scale.Strategic Timing: What business owners need to do right now to prepare their accounting for these massive changes.The Global Ripple Effect: How federal reclassification impacts state-level operations and future legalization efforts.