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Tax Consequences of Federal Rescheduling for Cannabis Businesses

by Omar Figueroa & Lauren Mendelsohn May 2, 2024   We recently wrote that the Drug Enforcement Administration will move to reclassify marijuana as a Schedule III controlled substance.  A recent update by the Congressional Research Service makes clear that rescheduling is predicted to result in significant federal tax relief […]

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Update on the Legal Consequences of Rescheduling Marijuana

by Omar Figueroa & Lauren Mendelsohn May 1, 2024 Yesterday, we wrote that the Drug Enforcement Administration is anticipated to support the reclassification of marijuana from a Schedule I to a Schedule III controlled substance.  Today, the Congressional Research Service issued an updated report on the Legal Consequences of Rescheduling […]

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DEA to reclassify cannabis as a Schedule III controlled substance

by Omar Figueroa and Lauren Mendelsohn April 30, 2024 On April 30, 2024, the Associated Press reported that the “U.S. Drug Enforcement Administration will move to reclassify marijuana as a less dangerous drug.”  The proposal would “not legalize marijuana outright for recreational use” but “would move marijuana from its current […]

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New California law authorizes lawsuits by licensed cannabis businesses against unlicensed cannabis operators

by Omar Figueroa October 8, 2023 On October 8, 2023, Governor Gavin Newsom signed into law Assembly Bill 1171, a bill which authorizes persons licensed by the California Department of Cannabis Control to engage in commercial cannabis activities to bring civil lawsuits against those engaging in commercial cannabis activity without […]

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New York Applications for Adult-Use Cannabis Licenses Set to Open in October

by Andrew Kingsdale September 25, 2023     At the New York Cannabis Control Board’s last meeting it announced that applications for the following adult-use, non-conditional licenses will open on October 4, 20223:  retail dispensaries, distribution, processing, cultivation, and microbusinesses.   The application period will be open for 60 days.  […]

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Cybersecurity Issues Threaten Cannabis Businesses, But Can Be Mitigated

by Andrew Kingsdale June 14, 2023 Photo by Kevin Ku on Unsplash. Cybersecurity breaches can deplete a company’s profits, affect its reputation, and jeopardize employee safety and customer wellbeing. According to IBM, in 2022 the global average cost of a data breach was $4.35 million, around 2.6% higher than in […]

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California Senate Bill 58: A Revolution in Psychedelic Legislation Advances to the Assembly

by Omar Figueroa and Lauren Mendelsohn May 25, 2023 Introduction In a significant stride toward progressive drug policies, California Senate Bill 58 (which we will abbreviate here as “SB 58”) is making waves as it advanced out of the Senate and into the Assembly on May 24, 2023. We previously […]

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New Regulations and Expanded Dispensaries: New York’s Cannabis Control Board Makes Strides

by Andrew Kingsdale May 23, 2023   On May 11, 2023, New York’s Cannabis Control Board (CCB) met and advanced several priorities, including approving 50 conditional retail licenses, implementing a social equity plan, and introducing a new draft of proposed regulations.  These initiatives aim to shape a fair and thriving […]

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Can Foreign Nationals Invest in New York’s Cannabis Market?

By Andrew Kingsdale May 17, 2023 New York State’s cannabis market offers numerous opportunities for entrepreneurs and consumers alike, but legal restrictions apply.  This post summarizes the statutory restrictions on foreign nationals interested in applying for a cannabis license or investing in a licensed cannabis business. In general, foreign nationals […]

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