Curaleaf Holdings Inc T.CURA

Why Schumer will not Decriminalize Cannabis

[blackspade799]

It makes to much money for the governement because of 280E. Due to 280E. The federal government was paid $120 million in taxes from Trulieve, while its shareholders ended up with a net income of $17.4 million. Trulieve has paid more than $154 million in 280E taxes over the past three years. The federal government is raking it in as cannabis companies pay gargantuan taxes. GTI CFO Anthony Georgiadis called the federal government the company's "largest financial partner" as he detailed its $128 million of cash taxes paid in 2021 on its recent conference call. The company's filings indicate its federal income tax would have been $43 million, but non-deductible expenses boosted it to $84 million. Including state taxes, the company's total income tax expense was $124.6 million, 61% of income before taxes. GTI has paid more than $80 million in 280E taxes over the past three years. In 2021, Cresco Labs paid $47 million in 280E taxes, while Curaleaf paid $102 million. In fact, Curaleaf's net loss would have been $7 million rather than the $109 million net loss it reported were it not for 280E taxes.

Lets also keep in mind there are about 40K inmates in jail for cannabis use in the U.S. that work in private jails who make .33 to $1.40 an hour. This is legalized slave labor there are over 1400 companies in the U.S. that capitilize on this slave labor. Schumer has zero interest in rushing to do anything for cannabis. The U.S. is not only making money on funding the jails but they are now making record profits off of 280E. Dems and Reps are enjoying the cash grab from 280E and from the cheap labor force. 40,000 freed slaves would be billions the with a "B" in lost revenue if they let these small time infingers out. Schumer and Booker are liars, and have zero intentions of changing anything. 

[Bullknit101]

...also minority run businesses will not survive with 280E and without Safe Banking. They just can't get the capital necessary, so forget about social equity. All political theatre.

[blackspade799]

Cannabis is a state by state play. SAFE Banking, MORE Act, States Reform Act, Schumer's B.S. Bill none of these bills will see the light of day. ZERO chance Federal cannabis will pass with or with-out Dems or Reps in power. They are juts making too much $$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$ 280E is a cash cow for Government!! Private jails are making Billions who is going to

[blackspade799]

Keep personal feeling out of investing, the facts are the facts, spin or gaslighting can not remove the facts. Governments and private Banks are enjoying their record interest charges and tax collections.Any pro cannabis law will affect governments and private lenders profits. That is a undeniable fact.