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Benzinga
Benzinga
Business
Jelena Martinovic

Is Medical Marijuana Tax Deductible? IRS Official Provides 'More Clarity' After Misstatement

As we all know, the marijuana industry has grown substantially in recent years, with sales expected to hit $25 billion by 2025.

Revenue growth has been driven by more and more states legalizing the plant. In states like Illinois, cannabis sales pulled in nearly $1.4 billion in 2021,  exceeding liquor taxes by nearly $100 million over the same period, after outpacing it for the first time in February.

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