Lawmakers in the Show Me State just passed a bill that will help with an unfair Missouri cannabis tax law that medical cannabis businesses have been complaining about. If the governor signs off, this will be a huge step for the industry and the state.
Missouri lawmakers passed this bill during the last legislative session specifically to ease taxes that medical cannabis providers face in the state. The Missouri cannabis tax bill received “near unanimous approval” in the legislature, but Governor Mike Parson still needs to sign it into law for it to become official.
If the bill passes, medical companies within the state will be able to deduct more business expenses in order to offset the cost of taxes. According to the wording of the bill, this would include “ordinary and necessary” business expenses that in the past have been prohibited for those who work with cannabis.
This will help the medical industry be able to take deductions similar to those already allowed and encouraged in other markets and help out the businesses that are struggling, especially following COVID.