How We Can Normalize the Cannabis Industry
The NCRMA’s primary political concern, as a risk management and insurance focused association, is to represent the best interests of cannabis business owners. While there are many political organizations and associations lobbying Washington and their state governments for legalization, decriminalization, and the expungement of criminal records for low-level offenders, the NCRMA, as the industry’s only risk management association will focus entirely on legislation that affects the financial bottom-line of cannabis business owners.
Our Policy Plan
As the NCRMA focuses its attention to the development and release of an association insurance product for its members, the current policy plan is limited to two very public and pertinent legislative matters:
Reform Section 280-e
Section 280e of the Internal Revenue Service code is a relic from the 1980s “War on Drugs” that doesn’t fit with today’s modern, legal cannabis industry. Cannabis entrepreneurs operating legally in the states are required to pay federal income taxes. Yet, they cannot deduct many regular costs of doing business on their federal returns, an unfair impact which also carries over to state returns for many.
The unfair, ongoing result of 280e is that cannabis entrepreneurs pay staggeringly high federal income taxes, with some estimated rates as high as 70 or even 90 percent.
NCRMA will join with fellow cannabis industry advocates in targeted efforts to repeal 280e. We give our grassroots support to federal lawmakers who advance meaningful legislation on this issue.