by Mark Sullivan | Published On Dec 23, 2025 | Cannabis, Price Kong Blog, Tax
Why Rescheduling Matters for IRC §280E IRC §280E currently disallows ordinary and necessary business deductions for any business “trafficking” in a substance listed under Schedule I or II of the Controlled Substances Act. Because cannabis has long been classified as a...
by Dawn Anderson | Published On Dec 18, 2025 | Cannabis, Price Kong Blog, Tax
A Landmark Shift in Federal Cannabis Policy: A Perspective from Price Kong We join our clients and colleagues in celebrating the federal government’s move to reschedule cannabis to Schedule III—a historic milestone that marks the beginning of a new financial era for...
by Troy Griffith, CPA | Published On Feb 15, 2021 | Cannabis, Price Kong Blog
A company’s biological assets are those that are living, such as livestock, crops, and plants. They are critically important to a cannabis business because the plants are the main source of all revenues and profits. As the cannabis industry continues to grow, the...
by Troy Griffith, CPA | Published On Nov 5, 2020 | Cannabis, Price Kong Blog
On November 3, 2020, Arizona voters passed Proposition 207, approving the legalization of adult-use of marijuana. The proposition allows all current medical marijuana dispensary licensees to also hold a recreational (adult-use) license. In addition, the proposition...
by Troy Griffith, CPA | Published On Oct 6, 2020 | Cannabis, Price Kong Blog
Proposition 207 (Prop 207), also referred to as the Smart and Safe Arizona Act, is a voter initiative that will appear on the November 3, 2020 general election ballot. The proposition declares that “the responsible adult use of marijuana should be legal for persons...
