Ensuring Entrepreneurs and Businesses Stay Informed of Developments in the Burgeoning Cannabis Industry

SPAC Transactions in Cannabis: What’s a SPAC

Since 2018, there have been millions of dollars raised in cannabis-focused special purchase acquisition companies, or “SPACs”. A SPAC is effectively a “blank check” company with no operating history or assets. A SPAC is formed for the purposes of raising capital in an initial public offering (IPO) and using that capital to acquire an existing business and take such business public in what is referred to as “de-SPAC” merger transaction.

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Another Domino Falls: New Mexico Becomes 18th State to Legalize Recreational Marijuana, Is Poised to Issue New Licenses Before New York, New Jersey, and Possibly Illinois

In a rare instance of legislative efficiency, New Mexico passed legislation on Monday that legalizes recreational marijuana and expunges criminal records for certain marijuana-related convictions. New Mexico Gov. Michelle Lujan Grisham signed two pieces of legislation a mere two weeks after state legislators passed the bills in a special session, which Lujan Grisham called specifically to address legalization.

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Boom. New York Poised to Approve Adult Use Cannabis

There have been more than enough fits and starts, but it appears that New York is finally going to legalize cannabis for adult use. It has been widely reported that Governor Andrew Cuomo and representatives from the New York Senate and Assembly negotiated over the weekend to reach a deal on New York State Senate Bill S854A. The Bill is expected to be put to a vote later this week.

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Let’s Go; It’s Time for Illinois to Issue Cannabis Licenses

The dates are getting further into the rear view mirror. The Illinois Cannabis Regulation and Tax Act became law on June 25, 2019. Adult-use sales of cannabis began on January 1, 2020. Thousands of entrepreneurs, many of them qualified social equity applicants, submitted applications for new dispensary licenses on or before January 2, 2020.

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Well That Was Fast: Virginia Legislature Approves Adult Use Cannabis

The Commonwealth of Virginia is very close to becoming the 16th state (plus Washington D.C.) to legalize recreational “adult use” cannabis. It would also become the first “Southern” state to do so. Neighbors such as Tennessee, North Carolina, South Carolina and Georgia have extremely limited medical programs, while West Virginia and Florida have full medical cannabis programs. But none have adult use programs, and so Virginia is on the verge of becoming the reform leader in the region. Virginia is also the third state to have passed legalization through legislation.

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