Cannabis Blog - Locke Lord LLP

Latest Senate Coronavirus Relief Bill Omits Cannabis Banking Protection

by Douglas Sargent | Jul 28, 2020 | Banking/Financial Services, COVID-19, Legislation | Federal

Once again, the Senate appears to be punting on much-needed banking and insurance reform for the cannabis industry. The SAFE Banking Act would allow banks and insurance companies to offer their services to marijuana-related businesses without violating federal law. As we discussed here, it’s had solid support in the House—a standalone bill passed the House with bipartisan support last year and the text of the bill was included in the House’s proposed stimulus package in May 2020.

Significant Financing Deal A Good Sign for Cannabis Companies Large and Small

by Ryan Holz | Jul 28, 2020 | Banking/Financial Services | Federal

According to a recent Bloomberg article, New York-based LeafLink recently closed a significant credit facility of $250 million. Leaflink is a wholesale marketplace that connects retailers with a variety of brands and distributors in the legal cannabis marketplace. LeafLink also assists in providing liquidity to the broader market by factoring accounts receivable.

Update—Florida Supreme Court to Hold More Arguments in Florigrown Case

by Irina Dashevsky | Jul 15, 2020 | Litigation, Medical Marijuana, Recreational Marijuana | Florida

In a rare move, the Supreme Court of Florida has asked for a second round of oral arguments in the Florigrown matter. As we wrote about here, this case will determine whether Florida’s medical marijuana licensing framework, which effectively requires vertical integration by each licensee, is constitutional.

Already Expensive D&O Insurance Premiums Getting Higher For Cannabis Companies

by Ryan Holz | Jul 10, 2020 | Insurance | Federal

We are cannabis attorneys, so naturally we like to tout good news for the cannabis industry. If that is what you are looking for here, however, don’t read the rest of this post. Simply put, there has not been a ton of good news for the industry lately.

Arizona Group Files 420,000 Signatures Supporting Recreational Marijuana on November Ballot

by Douglas Sargent | Jul 10, 2020 | COVID-19, Recreational Marijuana | Arizona

Last week, Smart and Safe Arizona reportedly filed 420,000 signatures with the Arizona Secretary of State in an effort to legalize adult-use marijuana. The proposed measure would permit those 21 or older to possess up to an ounce of cannabis and cultivate up to six plants for non-commercial purposes at home, as well as allow for the expungement of certain marijuana convictions.

Virginia’s Marijuana Decriminalization Bill Went Into Effect Yesterday—What Does That Mean and What’s Next?

by Douglas Sargent | Jul 2, 2020 | Enforcement, Recreational Marijuana, Social Equity | Virginia

As we wrote about here, Virginia enacted a law decriminalizing possession of small amounts of marijuana earlier this year. Unfortunately, there seem to be a lot of misconceptions about what that law—which became effective yesterday—actually means.

Will We See a Record Number of States Legalize Marijuana in 2021? One Expert Thinks So

by Douglas Sargent | Jun 26, 2020 | COVID-19, Legislation, Medical Marijuana, Recreational Marijuana, Social Equity | Arizona, Connecticut, Georgia, Mississippi, New Jersey, New Mexico, New York, South Dakota

It is hard to underestimate the impact that the coronavirus and its related fallout—economic and otherwise—will have on the cannabis industry. Some of that impact will be decidedly negative. For instance, as we wrote about recently, cash is harder to come by for cannabis companies right now.

Where’s the Money At? Industry Cash Crunch Exacerbated by the Pandemic

by David Standa | Jun 23, 2020 | Banking/Financial Services, COVID-19, Legislation | Federal

If you’ve been following the cannabis industry in 2020, you’ve likely heard the term “cash is king” more than once. This has become the industry consensus as stocks (mostly traded in Canada) began to slide after some disappointing earning numbers in the middle of 2019. That, in turn, resulted in decreased valuations and a reduction in investment capital.

Sorry, You Did Not Win an Illinois Dispensary License. Now What?

by Akshita Singh and Ryan Holz | Jun 15, 2020 | Legislation, Medical Marijuana, Recreational Marijuana, Social Equity | Florida, Illinois, Maryland, Nevada

As we arrive at the middle of June, the Illinois Department of Financial and Professional Regulation (IDFPR) has not issued any conditional adult-use cannabis dispensary licenses and, as we recently wrote about here, it may be a while before the licenses are issued. Nevertheless, those licenses will be issued eventually, and it is important that cannabis entrepreneurs begin evaluating their next steps.

Early May Sales Figures Show Promise, Including New Record Highs in Illinois, Oregon, and Oklahoma

by Douglas Sargent | Jun 12, 2020 | COVID-19, Medical Marijuana, Recreational Marijuana | Colorado, Illinois, Nevada, Oklahoma, Oregon

As we’ve discussed on our blog and our podcast, we have been closely watching how marijuana sales fare in the face of the recession created by the coronavirus. Sales figures for marijuana in May are still rolling in, but early returns appear favorable.

Latest Senate Coronavirus Relief Bill Omits Cannabis Banking Protection

Significant Financing Deal A Good Sign for Cannabis Companies Large and Small

Update—Florida Supreme Court to Hold More Arguments in Florigrown Case

Already Expensive D&O Insurance Premiums Getting Higher For Cannabis Companies

Arizona Group Files 420,000 Signatures Supporting Recreational Marijuana on November Ballot

Where’s the Money At? Industry Cash Crunch Exacerbated by the Pandemic

Early May Sales Figures Show Promise, Including New Record Highs in Illinois, Oregon, and Oklahoma

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