Under the Microscope with Jenny
Podcast Description
Welcome to Under the Microscope Podcast, and I am your host Jenny Germano the founder of ICS Consulting. I have 16 years experience working in Regulated Cannabis operations in the United States. Iโve run and operated vertically integrated licensed Cannabis facilities in Colorado for 6 years and have been consulting for 10 years Nationally. I help new and existing operators navigate the challenges of running a Regulated business in the Cannabis Industry.
This Podcast is for new and existing Cannabis operators and for people who are specifically looking to start-up their new Cannabis business - such as a licensed Dispensary, Cultivation, Manufacturing, or Transport/Delivery facility in their State or in multiple States.
Each weekly episode will have a topic of discussion related to starting up a Regulated Cannabis business, and/or operating an existing licensed cannabis business in the US National Cannabis marketplace. Under the Microscope Podcast will have guests who are experts in their field each month, along with weekly discussions with Jenny Germano on compliance topics, tips, operating in different markets, pitfalls, managing the overwhelm of a new business and navigating the challenges of running a Regulated Cannabis Business.
Podcast Insights
Content Themes
The podcast explores a variety of themes pertinent to cannabis operations such as legal structures, compliance, funding strategies, and market nuances. Notable episodes include discussions on how to properly structure a cannabis business, manage compliance, and understand costs of goods sold. The focus areas include navigating state regulations, real estate considerations, and operational best practices.
I am your host, Jenny Germano – the founder of ICS Consulting. With over 17 years of hands-on experience in the regulated cannabis Industry, I spent 6 years operating vertically integrated licensed facilities in Colorado and the last 11 years consulting nationally across the U.S.
This podcast is dedicated to new and existing cannabis operators and those looking to launch a licensed cannabis business in one state or across multiple. Expect candid conversations on compliance, market-specific insights, startup pitfalls, operational strategies, and tips to manage the overwhelm that comes with launching and scaling in this complex industry.
Join Jenny Germano every Wednesday at 12pm EST in navigating cannabis compliance and launching successful regulated cannabis operations. Whether youโre just entering the industry or scaling up, this is your go-to resource for real talk, real truths, expert insights, and actionable strategies. I’ve got a great line up of interviews, expert breakdowns and host insights.
๐๏ธIn this episode of Under The Microscope with Jenny, host Jenny Germano sits down with Rachel Gillette, Partner, Cannabis Industry Group at Holland & Hart, to discuss whether federal cannabis rescheduling really means tax relief for cannabis operators. Rachel explains the April 2026 federal action placing qualifying state-licensed medical marijuana in Schedule III and how that differs from the broader proposal to reschedule marijuana. She breaks down 280E and how Schedule III treatment can affect the deduction of ordinary business expenses for qualifying medical cannabis operations. The conversation covers questions surrounding retrospective 280E relief, expense apportionment for co-located medical and adult-use operations, IRS audits, refund claims, and the New Mexico Top Organics/Ultra Health case. They also discuss an IRS action involving TerrAscend and what operators should understand before assuming rescheduling automatically eliminates their tax exposure. Jenny and Rachel discuss DEA registration, evolving federal compliance expectations, inspections, and the potential compliance costs. The episode also explores the uncertainty surrounding adult-use cannabis, interstate commerce, international treaty requirements, and how operators can begin preparing for changing federal expectations. This episode delivers practical insight for cannabis operators, business owners navigating cannabis rescheduling, 280E, DEA registration, federal compliance, tax planning, and the evolving relationship between state-licensed cannabis businesses and federal regulation.
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๐ฟ๐ข๐๐ฟ ๐๐ผ๐๐: Jenny Germano, Founder of ICS Consulting
๐ ๐๐๐ฆ ๐๐ผ๐ป๐๐๐น๐๐ถ๐ป๐ด: https://www.icsconsultingservice.com
๐ฟ๐ข๐๐ฟ ๐๐๐ฒ๐๐: Rachel Gillette, Partner, Cannabis Industry Group at Holland & Hart LLP
๐๐ช๐ฒ๐ฏ๐๐ถ๐๐ฒ: https://www.hollandhart.com
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โฐ๐ง๐ถ๐บ๐ฒ๐๐๐ฎ๐บ๐ฝ๐โฐ
00:40 Rachel Gillette Introduction
04:18 Rescheduling Explained
07:30 Ultra Health Test Case
11:34 How 280E Works
16:18 DEA Registration Basics
22:18 Compliance Costs and Risks
25:23 Unknowns & Future Shifts
29:01 Preparing for Inspections
31:51 280E Retroactive Relief
33:10 State vs Federal Compliance
37:01 Planning for Tax Relief
38:13 Refund Claims & Audits
41:31 Why 280E Fuels Black Market
44:33 Rescheduling Confusion
50:22 Common Misconceptions
55:04 Final Thoughts & Wrap Up
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๐๐ฒ๐ด๐ฎ๐น ๐๐ถ๐๐ฐ๐น๐ฎ๐ถ๐บ๐ฒ๐ฟ: The content shared on this channel – including all videos, podcasts, interviews, and discussions is provided for educational and informational purposes only. It is not intended as legal, compliance, or business consulting advice, and should not be relied upon as such. Laws and regulations surrounding cannabis and related industries vary by jurisdiction and are subject to change. Always consult with a qualified attorney or licensed professional before making decisions that could have legal or regulatory consequences for your business. Listening to or viewing this content does not create a client relationship between you and ICS Consulting, Under the Microscope with Jenny, Jenny Germano, or any of the podcastโs guests. Any opinions expressed are those of the individual speakers and do not necessarily reflect the views of ICS Consulting or its affiliates.
Disclaimer
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