Although marijuana is now legal for recreational or medical use in 37 states, it is still a federal crime to grow, sell or possess marijuana. With Congress unable to come to an agreement on marijuana's legal status, the Biden administration has been considering other means at its disposal to Continue Reading
Law360 | Regulatory Shift May Offer Lifeline to NY’s Cannabis Industry
New York's recreational cannabis industry has the potential to be a multibillion-dollar industry. Yet, in the first year of legality, New York cannabis is struggling to generate the expected tax revenues for the state government, with a meager $70 million in legal sales as of August. Continue Reading
What’s Next for Cannabis After MasterCard’s Debit Card Ban?
Though cannabis’ status as a Schedule 1 controlled substance has hampered the industry’s ability to fully integrate into the digitally dominated payment world, with credit card issuers refusing to process cannabis transactions, cannabis businesses have historically been able to enjoy similar Continue Reading
Key Influences on the Cannabis Market in 2023
2023 may create the harshest conditions yet for the cannabis industry. The economy was already expected to be a challenge to profitability and now turmoil in the banking sector may further distract Congress from passing meaningful marijuana banking legislation, continuing to limit access to Continue Reading
Cannabis-adjacent Bankruptcy Eligibility Update: Significant New Decision
Around the time Reuters published our article regarding bankruptcy eligibility, the U.S. Bankruptcy Court for the Central District of California (LA Division) issued a decision in In re The Hacienda Company, LLC, that thoughtfully articulates the balancing of governmental policies, bankruptcy Continue Reading
BKS Partners Webinar | Minimizing Risk and Maximizing Financing Opportunities in Cannabis
On December 6, Joseph Cioffi, Davis+Gilbert Insolvency + Finance chair, will speak on a panel at a BKS Partners webinar hosted by AlphaRoot entitled "Minimizing Risk and Maximizing Financing Opportunities in Cannabis." Joseph will join Hunter Baldwin, Advisor at AlphaRoot, Isaac Bock, Managing Continue Reading
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New York State Bar Association | Navigating the Legal Pitfalls of Cannabis Financing
On February 8, Davis+Gilbert Insolvency + Finance partners Joseph Cioffi, Massimo Giugliano and Seiji Newman will speak during a CLE presented by the New York State Bar Association titled “Navigating the Legal Pitfalls of Cannabis Financing”. Session Overview The cannabis industry is expected Continue Reading
Westlaw | Fortune or Forfeiture: Real Estate Lending in the Cannabis Space
With expectations of doubling in the next five years, the cannabis industry will require significant funding to fuel its fast and furious growth. Funding will be needed in particular for property acquisitions, which will serve as cultivation and distribution facilities, and as retail storefronts. Continue Reading