MJ Biz
Multistate marijuana operator Trulieve Hashish Corp acquired $113 million in tax refunds as difficult what it owes underneath Part 280E of the IRS code.
Florida-based Trulieve made waves within the U.S. marijuana business when it introduced plans to hunt The worth of $ 143 million of federal tax refunds in October 2023.
Trulieve can be searching for $31 million in state tax refunds.
In a fourth-quarter earnings report launched Thursday, Trulieve mentioned it has:
- Acquired $62 million in tax refunds throughout the quarter ended Dec. 31.
- Acquired “a complete of $113 million in repayments to this point,” together with $50.3 million acquired in January 2024.
- Acquired “a rejection discover within the quantity of $1.2 million”.
Trulieve didn’t specify whether or not the profitable or rejected refunds got here from the federal authorities or state governments.
Throughout an earnings name Thursday, Trulieve executives had been requested whether or not the corporate's tax refund technique is relevant to different hashish operators.
Trulieve CEO Kim Rivers mentioned she couldn’t reveal extra particulars about what she referred to as a “commerce secret,” however added that the corporate considers the tax refund technique “largely particular to the our place and our group.”
“We don’t share this data publicly, given the truth that it could possibly be in a litigation posture,” Rivers mentioned.
“That data will turn into out there if and once we really get to courtroom.”
Trulieve Chief Monetary Officer Wes Getman mentioned the corporate continues to be elevating money to pay its tax liabilities within the face of uncertainty.
“Till this course of reaches a ultimate decision, we anticipate that the unsure fiscal place will improve over time,” Getman mentioned in ready remarks.
“We proceed to make well timed funds as an abnormal company taxpayer.”
Trulieve's stability sheet exhibits $180.4 million in “liabilities of unsure tax standing” as of December 31.
Most of it unsure tax legal responsibility ($152.1 million) refers to Trulieve's place on 280E tax refunds, in response to a regulatory submitting.
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