The field is rich with opportunity but littered with hazards.
Going into 2022, the legal cannabis industry at the state level is still in its infancy with New York recently passing legislation for legal marijuana sales. However, officials are just starting to hash out the details of how the industry will operate. These parameters include areas such as regulation and taxation and licensure at every level including cultivation, processing, wholesaling/retailing, and delivery.
Federally, marijuana in all its forms is still designated a Schedule 1 drug (having no medicinal properties) and still against federal law on every level.
While it may be legal to possess, grow, and distribute drugs within some states it is still illegal to move cannabis in any form or for any purpose from state to state.
These a just a few of the many legal challenges to starting a cannabis business–in fact, every aspect of your operations hinge upon legalities. The industry is changing at breakneck speed which means the laws keep pace.
We cannot stress this enough, the ONE thing you must do before you go any further in this sticky business is to hire legal counsel. Without consulting an attorney who is knowledgeable in your state’s cannabis industry law, your business is lost before it begins.
Areas a well-versed attorney can help you include but are not limited to the following:
- Understanding your state and federal law at any given time.
- Planning for all the legal hoops you’ll be required to jump through.
- Legal formation of your business.
- Applying and maintaining licensing on the state and municipal level.
- Keeping your business 100% compliant.
- Understanding the legal differences between medical marijuana and recreational.
- Understanding to what extent and how you can protect your business’s intellectual property.
Reach out to Hood Venture Counsel today to schedule your free consultation to discuss these and other issues relating to your cannabis-related business.