I don’t think people really understand the groundswell of recreational cannabis and how much good impact it can have on state tax revenue.
Howard Lee, CEO of SōRSE Technology, a supplier of CBD products, told Bloomberg Tax that the pandemic is changing the outlook on legalization of THC—the active ingredient of cannabis products—not only when it comes to recovering tax revenue, but also when it comes to social justice issues. And outstanding issues from the 2017 Tax Cuts and Jobs Act could stymie innovation within the cannabis industry, he said.