Trulieve Cannabis Corp. Seeks $143 Million Tax Refund Amidst Dispute Over 280E Obligations

LOS ANGELES- U.S. cannabis titan, Trulieve Cannabis Corp, has lodged a claim for a $143 million tax refund from the federal government. The refund pertains to payments the firm made during the fiscal years 2019, 2020, and 2021.

The crux of Trulieve’s argument hinges on its interpretation of section 280E. The company contends that based on specific legal readings of this section, it was not liable for certain tax obligations it previously honored.

In a communication to the Green Market Report, a representative from Trulieve remarked, “Trulieve has filed amended federal returns for three prior tax years claiming a $143 million refund for taxes already paid that the company believes it does not owe.” The spokesperson further added, “We are continually evaluating our tax position and will share additional information as appropriate.”

In a separate business move, Trulieve has disclosed plans to shift its medical cannabis dispensary currently located in Melbourne, Florida. The unveiling of the new venue at 1921 Alma Drive is slated for Oct. 20. The event is anticipated to be marked with a myriad of festivities, including giveaways, musical entertainment, exclusive discounts, and opportunities for patients to register for educational sessions.

Reflecting on this relocation, CEO Kim Rivers commented on Friday, “We are committed to finding the most convenient locations to best serve our Florida patients. This relocation improves our ability to offer our broad assortment of products and first-class customer service to the Melbourne community.”

The development regarding the tax refund is being keenly observed by industry experts, as it may set a precedent for other companies in the cannabis sector that could be grappling with similar tax-related concerns.