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Cannabis Law Blog

Posts by Richard L. Lieberman

Cannabis Law Blog

News and analysis focusing on the full spectrum of cannabis-related issues facing businesses, investors, financial institutions and all levels of government throughout the United States

Photo of Cannabis Law Blog Richard L. Lieberman
Senior Counsel
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Richard L. Lieberman is a senior counsel in the Chicago office of Dykema and a member of the Firm’s Tax Practice Group and Dental Service Organizations Group. With more than 35 years of broad transactional and structuring experience, Mr. Lieberman concentrates his practice on the use of corporations, partnerships and limited liability companies in domestic and cross-border acquisitions, restructurings, mergers and financing transactions. He also advises Dykema’s clients on tax issues related to executive compensation arrangements, including designing and advising on the implementation of executive, equity and deferred compensation programs.

Showing 2 posts by Richard L. Lieberman.

IRS Allows Reduction of Gross Receipts For State-Legal Cannabis Businesses

On Saturday, September 12, 2020, the Internal Revenue Service (“IRS”) updated a marijuana industry frequently asked questions (“FAQ”) page that provides relief to state-legal cannabis businesses. The FAQ announces that state-legal cannabis businesses can reduce their gross receipts by using an alternative accounting method under Section 471 of the Internal Revenue Code (the “Code”). Read More ›

Is Growing and Dispensing Cannabis a Sin?

In mid-May, Treasury Secretary Mnuchin told the Subcommittee on Financial Services and General Government of the Senate Appropriations Committee that cannabis businesses would not be eligible for Opportunity Zone (“OZ”) tax benefits. According to news reports of his testimony, Secretary Mnuchin said that the business of growing and dispensing cannabis is misaligned with the intent of the OZ program, which he appears to believe is designed to directly uplift low-income residents of distressed communities through OZ investment dollars. Secretary Mnuchin apparently believes that the business of growing and dispensing cannabis has less tangible impact on the residents of distressed communities than the building of new upscale rental units or luxury hotels. Read More ›