On Friday, the United States House of Representatives voted to approve The Marijuana Opportunity and Expungement Act (MORE Act),[1] which would decriminalize cannabis. This vote marks the first time that a chamber of Congress voted on a standalone cannabis bill. While the 228-164 vote passed mostly on party lines, 5 Republicans voted in support
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Green Wave: The Latest Election Cycle Brings Hope for Standardized Cannabis Legalization
Even two weeks after Election Day, jurisdictions nationwide are riding high after a number of positive wins related to the possible systemic legalization of cannabis use nationwide. As of November 3, 2020, the pendulum now undeniably swings in favor of cannabis, with medical cannabis legal in 33 states and recreational adult-use permitted in 12 states…
Up in Smoke: COVID-19’s Impacts on Hemp & Cannabis M&A
It would be an understatement to say that the COVID-19 pandemic impacted transactional activity for buyers and sellers across a range of industries, the hemp and cannabis merger and acquisition (“M&A”) space being no exception. In particular, the current period of COVID-19 volatility in the hemp and cannabis space is marked by numerous consequential outcomes,…
COVID-19’s Continued Impacts on Cannabis Operators
As the novel coronavirus (COVID or COVID-19) continues to ravage the United States, the cannabis industry is feeling the pandemic’s negative impacts despite an initial spike in sales after cannabis operations were deemed essential under various state “stay-at-home” orders.[1] This article details the most recent state-level responses activated in California and Illinois.
California…
IMPACT OF COVID-19 ON ILLINOIS CANNABIS CONTRACTS — Do Force Majeure Clauses Provide A Defense To Non-Performance
Many Illinois cannabis contracts, including intellectual property licensing agreements, development agreements and supply agreements, contain force majeure clauses. Depending upon the language of these clauses, the COVID-19 pandemic may be an event that triggers these clauses and provides a defense to nonperformance of the contract.
Companies that are experiencing difficulties complying with or enforcing compliance…
Continued Cannabis Operation Deemed “Essential” In Many COVID-19 Stay-at-Home Orders
In an effort to stem the tide of the COVID-19 transmission, many state and local governments have enacted “shelter-in-place” or “stay-at-home” orders to protect the health and well-being of citizens, and to establish a consistent approach to slow the spread of COVID-19. Many of these orders identify certain services as essential, including food, prescriptions, and…
Quarantine and Chill: Will COVID-19 Impact the Cannabis Industry
As with essentially all aspects of American life, COVID-19 threatens to be a massive disrupter in the cannabis industry.
As most cannabis operators and ancillary services providers are well aware, securing cannabis-related investments in the pre-COVID-19 world presented substantial obstacles. With worldwide markets dropping and investors drawing on their purse strings, the cannabis industry will…