On February 28th, I moderated our firm’s “Distressed Cannabis Businesses” webinar. In that webinar, Griffen, Ethan, Vince, and I discussed the current financial and economic pressure the entire cannabis industry is facing today. We covered reorganization, litigation, dissolution, M&A, receivership, secured interests, and liquidation. And we of course discussed how state-by-state cannabis regulations impacts all
A few weeks back we provided an update on the timing of New York’s Office of Cannabis Management (OCM) and Cannabis Control Board (CCB) opening the general adult-use cannabis licensing portal, with an anticipated start of application review in the fall of 2023. We based our estimate on the OCM and CCB’s review of the
In the past few weeks, I’ve published a few posts (here and here) about recent federal cannabis gun rights cases. In those cases, the courts disagreed on whether the federal government can prohibit cannabis users from owning guns. On the other end of the spectrum, there are state-level efforts to protect gun rights for cannabis
Florida voters may have the opportunity to legalize adult-use cannabis during the next general elections. First, though, the Florida Supreme Court must okay the language on the ballot initiative, in the face of likely opposition from the other branches of the state government. As Floridians watch their elected officials argue against letting them vote on
As Minnesota approaches the legalization of marijuana, the Minnesota Supreme Court has just ruled on a case we covered in September 2021. The case involves the difference between hemp and marijuana and a state prosecutor’s burden to prove what side of the line a leafy or liquid cannabis substance falls. As we explained two years
As New York moves steadily closer to a fully rolled out adult-use cannabis industry, two New York state legislators recently proposed legislation that would significantly simplify the tax structure for adult-use cannabis. Under the Marijuana Regulation and Taxation Act (MRTA), New York would have charged a potency THC tax on all adult-use cannabis, plus an
Register HERE to attend a free panel of experts directing cannabis operators on how to best combat the forces of recent movements from the IRS. IRS enforcement is increasing and cannabis businesses should be on alert. Cannabis businesses are accounting for and reporting the results of their operations with gross receipts, cost of goods sold
We’ve written regularly about the plight of cannabis businesses not being able to secure traditional lending (and other financial services) from major, federally regulated institutions. In this post, we dive deeper into a promising federally regulated equity offering as an alternative funding means: Rule 504 under Securities and Exchange Commission (“SEC”) Regulation D. Why aren’t
Here comes more New York cannabis program litigation. After one lawsuit halted a significant portion of New York Conditional Adult Use Retail Dispensary (CAURD) program, a new lawsuit filed on March 16, 2023 by the Coalition for Access to Regulated & Safe Cannabis against the Cannabis Control Board (CCB), Office of Cannabis Management (OCM), CCB
Federal law prohibits marijuana users from owning or possessing firearms– even in states with legal marijuana. Over the last few months, different federal courts issued critical orders in cannabis gun rights cases which could challenge this status quo. Both cases centered on the 2022 U.S. Supreme Court case New York State Rifle & Pistol Association,
