Reducing the Impact of 280E: Tax Strategies for Success in the Emerging Psychedelics Industry

What can the Psychedelics Industry learn from the Cannabis Industry?

We are in midst of witnessing the disintegration of cannabis prohibition and now psychedelics. Over the last twenty five years practitioners in the cannabis space have learned a lot about the do's and dont's of conducting business in a prohibited industry. The owners of businesses in the psychedelic industry can potentially avoid the many pitfalls suffered by the cannabis space.

Avoiding the Fall Out of 280E:

Due to psychedelics being considered a schedule I drug, businesses that include the sale of these "controlled" substances are subject to 280E. The penalties imposed on these businesses are often their most significant expense, and must be taken seriously. Fortunately, there are strategies that can be used to take aggressive but defensible tax positions to reduce the impact of 280E.

Join Justin Botillier to gain valuable insights into the business aspects of the psychedelics industry, and to discover how to succeed in a regulated market.

Justin Botillier is CEO of Calyx CPA LLC in Southern Oregon. Justin has sixteen years of experience working with small business owners. Prior to the recreational legalization of cannabis in Oregon, Justin was among the first accounting professionals to advocate for the cannabis industry actively and publicly. In 2016 Justin sold his general practice to work in cannabis full time. He now works with the psychedelic community to prepare business owners for the tax impact of 280E on businesses in the psilocybin industry. His firm specializes in business advisory, entity formation, tax preparation & tax planning for plant medicine companies.

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