MariMed Inc (CSE, OTCMKTS: MRMD) had promised us “Something Revolt-ing Is Coming This Wednesday,” and we waited to see what the company had in mind. That event turned out to be the ‘Boston 280E THC Party‘ in Boston Harbor. CEO and President Jon Levine joins us back in the studio to talk about why MariMed isn’t going ‘overboard’ with their great lengths to protest Tax Code 280E.
If you think the ‘Boston 280E THC Party’ sounds a lot like a 1773 Boston Tea Party, then you’d be right. Executives and members of the MariMed team donned historical colonial garb and boarded a schooner for a very similar mercantile and political protest. Just as a group of colonists did when protesting the Tea Act, they threw cargo boxes marked “WEED” overboard.
MariMed’s Jon Levine claimed that the Boston THC Party was “…paying homage to our patriot ancestors by protesting Section 280E, an unfair tax that burdens the cannabis industry. Because of 280E, cannabis companies pay much higher taxes than they would otherwise, which hurts their profitability and ultimately results in higher prices at registers for consumers.”
Most consumers, however, are unaware of what 280E does, or what it means to their cannabis consumption. Today on the show, Levine gives us a full overview of how the 280E tax code works, and why it’s so unfair.
Levine also explains why more people should be advocating for correct scheduling of cannabis. Awareness and demand may help push the issue forward. Will the Federal government consider de-scheduling? If so, how would this help the struggling cannabis sector?
If de-scheduling isn’t an option, then perhaps abolishing 280E is the better choice. What are triple negative revenues, and how big a savings would companies have without 280E?
Is it time for a change? You’ll find out on this episode of Trade To Black.