August 2020

Cannabis Law Journal

Cannabis Law Journal

August 2020 Edition

USA: Cannabis Bankruptcy and Chapter 15

USA: Cannabis Bankruptcy and Chapter 15

Before the onset of COVID-19, the cannabis industry was facing a series of challenges: a more difficult than expected regulatory environment, disappointing sales, and a “capital crunch” as potential sources of financing narrowed. With the outbreak of the coronavirus, those challenges have only been exacerbated, despite cannabis businesses being deemed “essential business” in almost every state in which they operate. These challenges may leave less financially secure cannabis businesses insolvent.[1]

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Colin Biggers & Paisley: Hemp Industry Developments In Australia

Colin Biggers & Paisley: Hemp Industry Developments In Australia

Australian cannabis growers and exporters welcome recent changes to Australia’s export control laws as the industry eagerly awaits the proposed rescheduling of cannabidiol (CBD) by the country’s Therapeutic Goods Administration (TGA) to allow CBD products to be sold without a prescription.

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Sheppard Mullin: Up in Smoke: COVID-19’s Impacts on Hemp & Cannabis M&A

Sheppard Mullin: 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, namely: (1) a sharp decline in the number of deals; (2) decline in capital raises; and (3) overall decline in market valuations.

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Minden Gross: New Zealand – Cannabis Around The World Series

Minden Gross: New Zealand – Cannabis Around The World Series

In two months, New Zealand will hold a referendum giving its residents the opportunity to weigh in on whether recreational use of cannabis should become legal in the country. The referendum will occur alongside New Zealand’s 2020 general election, set to take place on September 19, 2020. If more than 50% vote “yes” to legalizing recreational use of cannabis, the incoming government may introduce a Bill to Parliament that would create laws to establish a legal recreational cannabis regime.

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Manzuri Law: Managing Distressed Assets – Lessons Learned From MedMen, Ignite, and Acreage Holdings

Manzuri Law: Managing Distressed Assets – Lessons Learned From MedMen, Ignite, and Acreage Holdings

The global pandemic and resulting economic turmoil have caused many businesses in the cannabis industry to teeter on the edge of insolvency. Although Governor Newsom was quick to declare cannabis businesses as “essential,” many of these companies have suffered huge losses, defaulted on their loan obligations and leases, and lack the capital to pay for their local or annual licenses.

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A Biz In A Box: Rookie Mistake

A Biz In A Box: Rookie Mistake

We have reviewed articles in several publications that describe the Ninth Circuit’s affirmation of Decisions of the United States Tax Court rejecting as untimely filed the Petitions of Organic Cannabis Foundation (“OCF”) and Northern California Small Business Assistants (“NCSBA”).

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New

Cannabis Law Journal – Editorial Board Members

Editor – Sean Hocking

Author Bios

Canada
Matt Maurer – Minden Gross
Jeff Hergot – Wildboer Dellelce LLP

Costa Rica
Tim Morales – The Cannabis Industry Association Costa Rica

Nicaragua
Elvin Rodríguez Fabilena

USA

General
Julie Godard
Carl L Rowley -Thompson Coburn LLP

Arizona
Jerry Chesler – Chesler Consulting

California
Ian Stewart – Wilson Elser Moskowitz Edelman & Dicker LLP
Otis Felder – Wilson Elser Moskowitz Edelman & Dicker LLP
Lance Rogers – Greenspoon Marder – San Diego
Jessica McElfresh -McElfresh Law – San Diego
Tracy Gallegos – Partner – Fox Rothschild

Colorado
Adam Detsky – Knight Nicastro
Dave Rodman – Dave Rodman Law Group
Peter Fendel – CMR Real Estate Network
Nate Reed – CMR Real Estate Network

Florida
Matthew Ginder – Greenspoon Marder
David C. Kotler – Cohen Kotler

Illinois
William Bogot – Fox Rothschild

Massachusetts
Valerio Romano, Attorney – VGR Law Firm, PC

Nevada
Neal Gidvani – Snr Assoc: Greenspoon Marder
Phillip Silvestri – Snr Assoc: Greenspoon Marder

Tracy Gallegos – Associate Fox Rothschild

New Jersey

Matthew G. Miller – MG Miller Intellectual Property Law LLC
Daniel T. McKillop – Scarinci Hollenbeck, LLC

New York
Gregory J. Ryan, Esq. Tesser, Ryan & Rochman, LLP
Tim Nolen Tesser, Ryan & Rochman, LLP
Cadwalader, Wickersham & Taft LLP

Oregon
Paul Loney & Kristie Cromwell – Loney Law Group
William Stewart – Half Baked Labs

Pennsylvania
Andrew B. Sacks – Managing Partner Sacks Weston Diamond
William Roark – Principal Hamburg, Rubin, Mullin, Maxwell & Lupin
Joshua Horn – Partner Fox Rothschild

Washington DC
Teddy Eynon – Partner Fox Rothschild