The IRS owes Jushi Holdings about $6 million in Employee Retention Credit (ERC) claims, but the cannabis multistate operator didn’t want to wait for it.
Instead, Jushi sold its ERC claims to a third party for about $5.1 million in cash.
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The ERC is a refundable tax credit for eligible businesses and tax-exempt organizations whose employees were affected during the COVID-19 pandemic.
It’s a program that few cannabis businesses have taken advantage of.
“If a business is eligible, it can be a particularly lucrative tax credit,” Glen Frost, managing partner of Annapolis, Maryland-based Frost Law, told MJBizDaily.
“It’s a big opportunity, and a lot of cannabis businesses have missed out on this credit.”
It’s not too late for cannabis businesses to take advantage
Read full article on Marijuana Business Daily
