21 February 2017
United States: Local Cannabis Regulation: Two Ballot Measures Up For Vote On March 7, 2017
Last Updated: February 15 2017
Article by Matt S. Kiel
Wilson Elser Moskowitz Edelman & Dicker LLP
California’s Regulatory EnvironmentThis article examines the two competing ballot measures regarding cannabis regulation in the City of Los Angeles up for vote on March 7, 2017. Following is a brief summary of the current regulatory framework for cannabis in California and the existing regulations in the City of Los Angeles, leading into a comparison of these pending measures.
In November 1996, California became the first state to establish a medical marijuana program (Proposition 215, or the Compassionate Use Act) allowing patients with chronic illnesses to grow and use medical marijuana. This basic program was expanded in 2003 by Senate Bill 420 (the Medical Marijuana Program Act), which established an identific…
United States: Massachusetts Retail Marijuana Operations Delayed. Here’s A New Timeline:
Last Updated: February 14 2017
Article by Rachel Hutchinson
Foley Hoag LLP
In the final days of 2016, Gov. Charlie Baker signed a bill delaying the opening of retail marijuana operations in Massachusetts by six months, from January to July 2018. The way the House and the Senate approved the delay—without public notice, public hearing or discussion during a lightly attended informal joint session—has garnered criticism from legalization advocates. Members of the Massachusetts Cannabis Reform Coalition and the National Organization for the Reform of Marijuana Laws stated the delay “
Canada: Canada’s Cannabis Opportunity In The Era Of Trump
Last Updated: February 17 2017
Article by Jacqueline Richards
Although the United States government’s attitudes toward cannabis have eased in recent years, the election of President Donald Trump has generated renewed uncertainty surrounding the future of the U.S. cannabis market. Canada, conversely, will very likely soon be one of the first industrialized countries with fully legalized recreational and medical cannabis, and investment in the Canadian cannabis market has been unprecedented. Unburdened by the U.S.’s significant political and legal uncertainty, Canada has an opportunity to expedite its already rapid industry development to position itself as a global leader in the market for legal recreational and medical cannabis products.
The United States cannabis market is beset with uncertainty
The United States has historically approached cannabis conservatively. Cannabis is currently illegal federally; it is classified as a Schedule 1 Substance under the Controlled Substances Act of 1970
United States: Cannabis Industry Taps REITs To Draw Financing
Last Updated: February 21 2017
Article by Kevin Young and Emily Jenkinson
Thompson Coburn LLP
As is widely known, the growing cannabis industry remains subject to disparate state and federal legal limitations and, consequently, is an industry with many challenges to market entry and expansion. One challenge is the struggle to gain access to necessary resources, such as financing, to develop a cannabis company’s product and business model. Traditional industries and sources of financing remain unable or reluctant to deal with the emerging cannabis industry due to some real and perceived risks related to cannabis. One recent development in the market has been the introduction of a real estate solution to provide financing.
The first-ever cannabis REIT (real estate investment trust), Innovative Industrial Properties, Inc. (IIPR), went public on Dec. 1, 2016 and on Dec. 19, 2016 closed a sale-leaseback transaction with PharmaCann LLC, a f…