What do Megan Rapinoe, Kevin Durant, Shawn Kemp, Calvin Johnson, Willie Nelson, Wiz Kalifa, Margo Price, and Sublime all have in common? They all have created their own boutique cannabis brands. As cannabis has become more popular, celebrity athletes and musicians have taken notice and jumped into the game. This

Continue Reading Five Things Celebrity Athletes and Musicians Should Consider When Entering into Cannabis Branding Agreements

Zero-tolerance drug policies in the workplace are an endangered species. Traditional drug laws and policies as they relate to the workplace are being upended, and employers are increasingly struggling to grapple with the patchwork of state drug-testing laws – that oftentimes conflict with federal law – as well as the proliferation of legal THC-containing products derived from hemp.
Continue Reading The End of Zero-Tolerance Drug Policies

The U.S. Drug Enforcement Agency’s proposal to reschedule cannabis from a Schedule I to a Schedule III drug under the Controlled Substances Act (CSA) has generated considerable buzz across business sectors, including for the banks and credit unions that see opportunity and challenges in transacting in the legal marijuana space. Legality varies by use and by state, while federal law limits how financial institutions can operate.
Continue Reading What Would Cannabis Rescheduling Mean for Lending and Payments Legality?

Despite the excitement of many over rescheduling cannabis from Schedule I to Schedule III, the move does not make cannabis “legal” unless it is produced, sold, and used within the tightly regulated parameters of the Controlled Substances Act (CSA). Many medical and adult-use cannabis stores and products that currently exist in approximately four-fifths of the United States are not in compliance with the CSA. These businesses violate federal law now, and they will still be violating federal law if and when cannabis is rescheduled; rescheduling does not make the conduct federally legal.
Continue Reading Impacts of Cannabis Rescheduling on Bankruptcy

Today is another red-letter date for Ohio. The Ohio Department of Development’s Division of Cannabis Control (DCC) has issued 98 Certificates of Operation (COOs) to dispensaries across the state, permitting them to sell adult-use marijuana at their existing medical marijuana locations (i.e., a “dual-use” license). The issued COOs represent nearly 75% of the provisional licenses previously issued. The remaining provisional licenses will not be issued until those licensees have met the requirements for receiving a COO.
Continue Reading It’s Opening Day for Ohio Adult-Use Marijuana – Play Bud!

In accordance with Ohio’s new adult-use marijuana legislation, applications for initial dual-use marijuana licenses will be made available by the Division of Cannabis Control (DCC) on its website no later than this Friday, June 7 – a historic day in the state.

The first licenses to be issued will not be available to the general public but will be issued only to currently licensed medical marijuana cultivators, processors, laboratories, and dispensaries.
Continue Reading Ohio’s Dual-Use Marijuana License Applications Available June 7

Once rescheduling occurs (or possibly even before), the IRS may publish guidance on how rescheduling affects Section 280E and the deduction of marijuana-related expenses. In the meantime, cannabis businesses may consider working with their tax professionals on how best to time paying or incurring marijuana-related expenses, as well as to submit all necessary documentation to preserve their rights to obtain refunds for taxes previously paid under 280E.
Continue Reading Paid or Incurred: Marijuana Rescheduling, Taxes, and Section 280E

On May 21, 2024, the Drug Enforcement Agency (DEA) filed the Proposed Rule to move marijuana from Schedule I of the Controlled Substances Act (CSA) to Schedule III of the CSA. In light of the rescheduling marijuana news, industry insiders anticipate a significant increase in cannabis-related investments and acquisition activity. While this anticipated increase in activity is exciting, it is no secret that those who have already invested capital into the cannabis industry have learned some hard lessons over the last decade.
Continue Reading Rescheduling Marijuana FAQs: Cannabis-Related Investments