MariMed Stages the ‘Boston 280E THC Party’ in Boston Harbor To Protest Unfair Cannabis Industry Tax Laws
Ryan Allway
July 13th, 2023
News, Top News
Inspired by the Boston Tea Party’s 250th Anniversary, Company Management and Employees Dress in Colonial Outfits, Decry Unfair IRS Code 280E
MariMed 280E Protest
NORWOOD, Mass., July 13, 2023 (GLOBE NEWSWIRE) — Channeling the Boston Tea Party’s rebellious spirit while dressed in traditional colonial garb, MariMed executives and team members staged the ‘Boston 280E THC Party’ from a boat in Boston Harbor on July 12. In reenacting 1773’s “No taxation without representation” revolt, yesterday’s event protested Section 280E of the Internal Revenue Service Code. Section 280E burdens cannabis companies with paying significantly higher taxes than most U.S. businesses, often resulting in higher product prices for consumers. MariMed Inc. (“MariMed” or the “Company”) (CSE: MRMD) (OTCQX: MRMD), a leading Massachusetts-based cannabis company, surprised the crowds at Boston Harbor when they boarded the Liberty Star schooner, heaved cargo chests emblazoned with “WEED” overboard1 and chanted anti-280E slogans.
Section 280E is a prime example of the unique obstacles that legal cannabis businesses must navigate that significantly increase the cost of conducting business. When calculating their taxes, Section 280E prevents the deduction of ordinary business expenses associated with “trafficking” a Schedule 1 or 2 controlled substance. Approximately 90% of U.S. adults support its legalization, yet cannabis remains classified as a federally illegal Schedule 1 controlled substance by the U.S. federal government, on par with heroin. Due to Section 280E, cannabis businesses pay much more in taxes than they would if it were repealed, according to Wolf & Company.
As a Boston-based multi-state cannabis operator, MariMed protested in a way that would make the Company’s Patriot ancestors proud – by paying homage to the most famous tax protest in history during the year of the Boston Tea Party’s 250th anniversary. By shining a light on Section 280E’s negative financial impact on legal cannabis operators, MariMed hopes to effectuate policy change geared towards industry growth and advancement.
MariMed CEO and President Jon Levine said, “MariMed is among the most-sound financial companies in cannabis, with top-selling brands in the markets we serve. Our protest was less about us and more to provide a voice for the entire industry. Section 280E is unfair and hampers companies striving to make cannabis accessible for consumers and medical cannabis patients in all legal states. It should be repealed. Doing so would remove an obstacle to our mission to improve people’s lives every day through cannabis.”
Mr. Levine continued, “We applaud some of the states where we operate, including Massachusetts, Illinois and Maryland, plus the 17 others that have approved laws providing cannabis businesses relief from 280E.”
A growing number of U.S. Congressmen and women are aligned with MariMed’s take on 280E: “State-legal cannabis businesses are denied equal treatment under 280E,” Congressman Earl Blumenauer (D-OR) said earlier this year, referencing it as “grotesquely unfair treatment” and urging his colleagues to “allow legal cannabis operations to deduct business expenses, just like any other industry.”
For more information, visit https://marimedinc.com
______________
1 The natural wood, sustainable boxes tossed into the Boston Harbor were empty, floated on the surface, and pulled immediately from the harbor.
About MariMed
MariMed Inc., a multi-state cannabis operator, is dedicated to improving lives every day through its high-quality products, its actions, and its values. The Company develops, owns, and manages seed to sale state-licensed cannabis facilities, which are models of excellence in horticultural principles, cannabis cultivation, cannabis-infused products, and dispensary operations. MariMed has an experienced management team that has produced consistent growth and success for the Company and its managed business units. Proprietary formulations created by the Company’s technicians are embedded in its top-selling and award-winning products and brands, including Betty’s EddiesTM, Nature’s HeritageTM, InHouseTM, Bubby’s BakedTM, K FusionTM, Kalm FusionTM, and VibationsTM: High + Energy. For additional information, visit www.marimedinc.com.
Media Contact:
Gretchen Giles
Grasslands: A Journalism-Minded Agency
gretchen@mygrasslands.com
Company Contact:
Howard Schacter
Chief Communications Officer
Email: hschacter@marimedinc.com
Phone: (781) 277-0007
Investor Relations Contact:
Steve West
Vice President, Investor Relations
Email: ir@marimedinc.com
Phone: (781) 277-0007
This article was published by CFN Enterprises Inc. (OTCQB: CNFN), owner and operator of CFN Media, the industry’s leading agency and digital financial media network dedicated to the burgeoning CBD and legal cannabis industries. Call +1 (833) 420-CNFN for more information.
About Ryan Allway
Mr. Allway has over a decade of experience in the financial markets as both a private investor and financial journalist. He has been actively involved in the cannabis industry since its inception, covering public and private companies.
Search CannabisFN
Press Coverage
Psychedelics Index
Top Videos
Tim has over 22 years of investment experience as a portfolio manager, asset allocator, and capital markets professional across multiple asset classes, geographies, and platforms. Tim has built and operated two hedge funds, a broker dealer, and raised over $1Bn in capital for his combined businesses. Tim remains a recognized voice within the investment community […]
In addition to his role as Founder and CEO at MAZAKALI, Sumit is a consultant to The Arcview Group and the Managing Partner of Emerald Ventures. A frequent speaker at investment seminars, Sumit acts as a mentor to Arcview and Canopy companies and serves on the Canopy Investment committee as well as the NCIA Finance […]
Christina Lake Cannabis Corp. is a licensed producer of cannabis under the Cannabis Act.
Tryp Therapeutics is a pharmaceutical company focused on developing compounds with known activity and/or safety profiles for the treatment of rare diseases and other diseases with high unmet medical needs.
Network Partners
About CFN Media Group
CFN Enterprises Inc. (OTCQB: CNFN) owns and operates CFN Media Group, the premier agency and financial media network reaching executives, entrepreneurs and consumers worldwide. Through its proprietary content creation, video library, and distribution via www.CannabisFN.com, CFN has built an extensive database of cannabis interest, assisting many of the world’s largest cannabis firms and CBD brands to build awareness and thrive. For more information, please visit www.cfnenterprisesinc.com.
Disclaimer: Matters discussed on this website contain forward-looking statements that are subject to certain risks and uncertainties that could cause actual results to differ materially from any future results, performance or achievements expressed or implied by such statements. CFN Media Group, which owns CannabisFN, is not registered with any financial or securities regulatory authority and does not provide nor claims to provide investment advice or recommendations to readers of this release. CFN Media Group, which owns CannabisFN, may from time-to-time have a position in the securities mentioned herein and will increase or decrease such positions without notice. The Information contains forward-looking statements, i.e. statements or discussions that constitute predictions, expectations, beliefs, plans, estimates, or projections as indicated by such words as "expects", "will", "anticipates", and "estimates"; therefore, you should proceed with extreme caution in relying upon such statements and conduct a full investigation of the Information and the Profiled Issuer as well as any such forward-looking statements. Any forward looking statements we make in the Information are limited to the time period in which they are made, and we do not undertake to update forward looking statements that may change at any time; The Information is presented only as a brief "snapshot" of the Profiled Issuer and should only be used, at most, and if at all, as a starting point for you to conduct a thorough investigation of the Profiled Issuer and its securities and to consult your financial, legal or other adviser(s) and avail yourself of the filings and information that may be accessed at www.sec.gov, www.pinksheets.com, www.otcmarkets.com or other electronic sources, including: (a) reviewing SEC periodic reports (Forms 10-Q and 10-K), reports of material events (Form 8-K), insider reports (Forms 3, 4, 5 and Schedule 13D); (b) reviewing Information and Disclosure Statements and unaudited financial reports filed with the Pink Sheets or www.otcmarkets.com; (c) obtaining and reviewing publicly available information contained in commonlyknown search engines such as Google; and (d) consulting investment guides at www.sec.gov and www.finra.com. You should always be cognizant that the Profiled Issuers may not be current in their reporting obligations with the SEC and OTCMarkets and/or have negative signs at www.otcmarkets.com (See section below titled "Risks Related to the Profiled Issuers, which provides additional information pertaining thereto). For making specific investment decisions, readers should seek their own advice and that of their own professional advisers. CFN Media Group, which owns CannabisFN, may be compensated for its Services in the form of cash-based and/or equity-based compensation in the companies it writes about, or a combination of the two. For full disclosure, please visit: https://www.cannabisfn.com/legal-disclaimer/. A short time after we acquire the securities of the foregoing company, we may publish the (favorable) information about the issuer referenced above advising others, including you, to purchase; and while doing so, we may sell the securities we acquired. In addition, a third-party shareholder compensating us may sell his or her shares of the issuer while we are publishing favorable information about the issuer. Except for the historical information presented herein, matters discussed in this article contain forward-looking statements that are subject to certain risks and uncertainties that could cause actual results to differ materially from any future results, performance or achievements expressed or implied by such statements. CFN Media Group, which owns CannabisFN, is not registered with any financial or securities regulatory authority, and does not provide nor claims to provide investment advice or recommendations to readers of this release. CFN Media Group, which owns CannabisFN, may from time to time have a position in the securities mentioned herein and will increase or decrease such positions without notice. For making specific investment decisions, readers should seek their own advice and that of their own professional advisers. CFN Media Group, which owns CannabisFN, may be compensated for its Services in the form of cash-based and/or equity- based compensation in the companies it writes about, or a combination of the two. For full disclosure please visit: https://www.cannabisfn.com/legal-disclaimer/.
Copyright © Accelerize Inc. · All Rights Reserved · Privacy Policy · Legal Disclaimer
