Now headquarted in Toronto and publicly traded, Harborside will appeal its lost 280E case.
- Harborside’s difficulty with 280E, which denies cannabis operators deductions because of a rule applied to illegal drug traffickers, applies to the period of 2001 through 2012. The IRS claims Harborside was deficient because of deductions the agency rejected.
- It’s unclear how the possibility of a multi-million dollar penalty would have on the stock’s performance. Forbes‘ author said, “I have stopped being surprised that the resolution of even quite large tax liabilities does not seem to affect stock prices, but it would seem that Harborside might be an exception. We’ll see.”