On February 2, 2022, Republican Governor Tate Reeves signed the Mississippi Medical Cannabis Act, which legalizes medical marijuana for the treatment of certain debilitating conditions. Those debilitating conditions include, among others, cancer, Parkinson’s disease, HIV/AIDs, sickle cell anemia, Alzheimer’s disease, post-traumatic stress disorder, and autism. The law became effective immediately, making Mississippi the 37th state
In many real estate transactions, title insurance companies fulfill a variety of roles, from providing title reports and issuing title policies to acting as the escrow agent for the closing, any holdbacks, and construction draws. However, when it comes to transactions involving cannabis companies and/or properties that will be used for cannabis-related purposes, title companies are significantly limited in the services they offer.
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California was an early state to legalize marijuana for recreational use, but the state has been slower to regulate hemp-derived products such as cannabidiol (“CBD”).
Continue Reading California Bill Offers Insights into Future of CBD Regulation
As the dust continues to settle on New Jersey’s legalization and decriminalization of cannabis, employers should take note of the laws’ significant employment implications. While forthcoming regulations will better define the contours of the new requirements, below are the most pressing takeaways for New Jersey employers.
Continue Reading What New State Cannabis Legalization Means for New Jersey Employers
Perkins Coie is pleased to announce that its fifth annual Food Litigation Year in Review, in coordination with the expansion of the firm’s practice, has been broadened and renamed the Food & Consumer Packaged Goods Litigation Year in Review. With this rebranding, we have featured a section on the latest cannabis litigation trends.…
Continue Reading Food & Consumer Packaged Goods Litigation Year in Review 2020
Leafly and Whitney Economics have issued an annual jobs report reflecting updated jobs and revenue numbers for the state-legal cannabis industry in 2020. While 2020 will be remembered as the year that a deadly pandemic shuttered thousands of small businesses, it should also be remembered as the year that set the cannabis industry on a path to become a leading economic contributor to the U.S. economy.
Continue Reading Leafly Releases Job Report: Cannabis Job Growth “Astonishing”
Perkins Coie is proud to announce the launch of “Cannabis Law: A Primer on Federal and State Law Regarding Marijuana, Hemp, and CBD,” published by the American Bar Association, authored by various Perkins Coie Cannabis Law attorneys, and edited by Barak Cohen, chair of our Cannabis Law industry group, and Michael Bleicher. Until…
Though it appeared the smoke might blow in a more favorable direction, the hopes of marijuana-adjacent businesses using the Bankruptcy Code were snuffed out once again by the Bankruptcy Court in Colorado. The Controlled Substances Act (the CSA) makes it illegal to rent, lease, or make available for use or profit from a location for the manufacture, storing, or distribution of controlled substances. Federal law generally imposes criminal liability for aiding and abetting the unauthorized manufacture, distribution, or dispensing of marijuana, which is a Schedule 1 controlled substance. A number of courts have ruled that businesses whose operations constitute federal crimes cannot take advantage of the federal bankruptcy system. Bankruptcy courts have even dismissed cases where the debtor does not operate a cannabis business, but operates ancillary businesses such as the manufacture or sale of equipment that may be used to cultivate marijuana (discussed below), or leasing real estate to marijuana growers.
Continue Reading Another Blow to Bankruptcy Relief for Marijuana-Adjacent Debtors
If you’re looking for a landslide in the 2020 elections, look no further than the undisputed winner—marijuana. In each of the ballot initiatives up for consideration, voters said yes to expanded liberalization in cannabis-related laws by undeniably wide margins. Voters from across the political spectrum in red and blue states alike approved medical and recreational cannabis laws, including the legalization of medical cannabis in Mississippi and South Dakota and the legalization of cannabis possession by adults in Arizona, Montana, New Jersey, and South Dakota. Legislatures will soon enact laws in conformance with these ballot initiatives. A total of 35 states and the District of Columbia have legalized marijuana for medical use, 15 of which allow adults to legally use the drug for recreational use as of November 2020.
Continue Reading What Financial Institutions Need to Know About Banking Legal Cannabis Companies
On December 7, 2020, cannabis industry leaders, former federal government officials, and leading state regulators met for a Virtual Public Policy Summit, a policy discussion among key leaders in the cannabis industry that was co-hosted by the Marijuana Policy Project and the National Cannabis Industry Association (NCIA). Participating industry leaders discussed how to define and address key issues to help advance the cannabis industry in 2021 and beyond. To help facilitate candid discussion, the event was closed to the media (likewise, comments made and positions taken described below have not been ascribed to particular speakers).
Continue Reading Striving to Reach Consensus on a Regulatory Framework for the Emerging Cannabis Industry