The pandemic has put a strain on many industries that were once the top revenue producers for law firms. While a few prospered in the pandemic-driven economy (divorce, business restructuring, health care) cannabis has been the biggest standout. The cannabis industry has maintained its upwards trajectory thanks in part to being deemed an “essential business” in many states, and industry watchers are optimistic that as the nation emerges from the pandemic, legalization will continue as states search for new tax revenue opportunities to rebuild their economies. This, coupled with increasing public acceptance of cannabis, could spur further policy reform. Combine that with increased deal flow, it’s hard to deny the growth potential for law firm revenue.
In the first half of this session, you will learn how hemp, CBD, and cannabis are regulated, the various layers of law that must be analyzed when working with clients from state to state, and the type of obstacles that are often dealt with at each level. Participants will also receive a high-level overview of the newest states that voted to legalize cannabis in the November 2020 election, as well as the various states currently working to legislatively legalize cannabis.
The second half of the session will cover practical advice for practitioners seeking to work in the cannabis sector. For example, legal tech tools that help law firms bypass months of studying, areas of specialty that are needed in the cannabis industry, practice areas that naturally transition and/or overlap with cannabis, and the various ways law firms have grown their cannabis practices. Moreover, it will discuss critical conversations that law firms must-have pertaining to malpractice insurance, state ethics opinions, and how public they want to be about their involvement in the sector.