Marijuana Businesses Are Reeling From The Effects Of A Federal Law Targeting The Illegal Drug Market

The New York Times reports, nearly a month after Tax Day, legal marijuana businesses are reeling from the effects of a federal law targeting the illegal drug market. The law, which is known as 280E and dates back to 1982, prevents any business from taking tax deductions or credits if its trade "consists of trafficking in controlled substances" – specifically those that are schedule I or II, as defined by the Controlled Substances Act. Marijuana, like heroin and ecstasy, is considered a schedule I substance