The state-legal cannabis industry is often a cutthroat place. State cannabis regulations are difficult to navigate and it usually takes significant capital to get a cannabis business up and running. And even once operating, margins get shrunk by aggressive and unfair federal taxes and limited access to banking. To top it off, cannabis is still federally illegal.
Making matters worse are lawyers and law firms that prey on and drag down industry businesses. Literally anyone can call themselves a “cannabis expert” and plenty do.
Our law firm continues to see bad behavior and sloppy (sometimes dangerous) work from various law firms that claim to have cannabis practices and the below are what we’ve been seeing lately:
1. The “cannabis law firm”. It’s not unusual for a law firm to focus on one specific area of practice. It happens all the time with niche areas like estate planning, environmental law, employment law, patent law, etc. But when you see a “cannabis law firm”, you should ask yourself what that even means. Many of these firms consist of former litigators and criminal lawyers whose businesses are down due to legalization and so they now claim to be able to provide all sorts