NEW FROM WEEDWEEK — 12/10/20
Harborside founder Steve DeAngelo (Getty Images)
Harborside fires back at IRS
SCOOP: In a 35-page court filing, dispensary chain Harborside previewed arguments for its federal tax case against the IRS. The closely watched lawsuit, which goes before the Ninth Circuit Court of Appeals in February, challenges the constitutionality of industry hated tax rule 280E.
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Cannabiz warily eyes SCOTUS texting case
The U.S. Supreme Court heard arguments in Facebook vs. Duguid, a case with major implications for text-message marketers, including many cannabis companies. Eaze and Curaleaf are among the potco’s enmeshed in similar litigation, where damages can reach well into the hundreds of millions.
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The joy of SPACs
Special purpose acquisition companies, the investment vehicle known as SPACs, are all the rage in the cannabiz, following that big deal by Subversive Capital. I talked to Ceres Acquisition Corp. CEO Joe Crouthers, a Goldman Sachs alum, who offered a quick, useful lesson on how SPACs work and discussed plans for the rival SPAC his firm is sponsoring.
