Cannabis related businesses should take note of an interesting U.S. Tax Court case affecting their industry. Though not a pro-taxpayer case—the IRS won on the major counts—the Harborside case provides some insight into structuring cannabis-related businesses with a view to deduction of business expenses.
The taxpayer in the case, Patients Mutual Assistance Collective Corporation (doing business as Harborside Health Center), was a medical marijuana dispensary that sold a wide variety of marijuana-related products and products not related to marijuana, as well as providing patients with services such as hypnotherapy, acupuncture and yoga.
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