(Credit: Kyle/Adobe Stock) DEA's Marijuana Rescheduling Plan Has Law Firms High on Expanding Relationships With Cannabis Clients
"As the cannabis market starts to perform better, our services across our entire platform should be in greater demand," said Seth Goldberg, co-chair of the cannabis industry group at Duane Morris.
May 02, 2024 at 03:50 PM
9 minute read
Marijuana
What You Need to Know
- Lawyers are optimistic that marijuana's likely reclassification as a Schedule III substance will open the door to expand client relationships.
- With the ability to deduct certain business expenses from their taxes, marijuana providers stand to gain millions in operating cash.
- Marijuana's rescheduling could also provide the opportunity of bankruptcy relief for cannabis clients.
The likelihood of marijuana's federal reclassification to Schedule III status has Big Law leaders eyeing opportunities to expand relationships with clients who have historically lacked the same tax benefits and bankruptcy protections as other sectors.
This content has been archived. It is available through our partners, LexisNexis® and Bloomberg Law.
To view this content, please continue to their sites.
Not a Lexis Subscriber?
Subscribe Now
Not a Bloomberg Law Subscriber?
Subscribe Now
NOT FOR REPRINT
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
You Might Like
View All
Blank Rome Recruits 25 Burns & Levinson Lawyers to Launch Boston Office
'Congress Spins Its Wheels': Cannabis Industry Attorneys See Familiar Trends Looming in 2023
4 minute read
Dip or Dank? Cannabis Market Downturn Lures Outside Investors—Including Diddy
Cannabis Lawyers Move to Institutionalize Nascent Client Base
Law Firms Mentioned
Trending Stories
- 1Read the Document: 'Google Must Divest Chrome', DOJ Says, Proposing Remedies in Search Monopoly Case
- 2Voir Dire Voyeur: I Find Out What Kind of Juror I’d Be
- 3When It Comes to Local Law 97 Compliance, You’ve Gotta Have (Good) Faith
- 4Legal Speak at General Counsel Conference East 2024: Virginia Griffith, Director of Business Development at OutsideGC
- 5Legal Speak at General Counsel Conference East 2024: Bill Tanenbaum, Partner & Chair, AI & Data Law Practice Group at Moses Singer
Who Got The Work
Michael G. Bongiorno, Andrew Scott Dulberg and Elizabeth E. Driscoll from Wilmer Cutler Pickering Hale and Dorr have stepped in to represent Symbotic Inc., an A.I.-enabled technology platform that focuses on increasing supply chain efficiency, and other defendants in a pending shareholder derivative lawsuit. The case, filed Oct. 2 in Massachusetts District Court by the Brown Law Firm on behalf of Stephen Austen, accuses certain officers and directors of misleading investors in regard to Symbotic's potential for margin growth by failing to disclose that the company was not equipped to timely deploy its systems or manage expenses through project delays. The case, assigned to U.S. District Judge Nathaniel M. Gorton, is 1:24-cv-12522, Austen v. Cohen et al.
Who Got The Work
Edmund Polubinski and Marie Killmond of Davis Polk & Wardwell have entered appearances for data platform software development company MongoDB and other defendants in a pending shareholder derivative lawsuit. The action, filed Oct. 7 in New York Southern District Court by the Brown Law Firm, accuses the company's directors and/or officers of falsely expressing confidence in the company’s restructuring of its sales incentive plan and downplaying the severity of decreases in its upfront commitments. The case is 1:24-cv-07594, Roy v. Ittycheria et al.
Who Got The Work
Amy O. Bruchs and Kurt F. Ellison of Michael Best & Friedrich have entered appearances for Epic Systems Corp. in a pending employment discrimination lawsuit. The suit was filed Sept. 7 in Wisconsin Western District Court by Levine Eisberner LLC and Siri & Glimstad on behalf of a project manager who claims that he was wrongfully terminated after applying for a religious exemption to the defendant's COVID-19 vaccine mandate. The case, assigned to U.S. Magistrate Judge Anita Marie Boor, is 3:24-cv-00630, Secker, Nathan v. Epic Systems Corporation.
Who Got The Work
David X. Sullivan, Thomas J. Finn and Gregory A. Hall from McCarter & English have entered appearances for Sunrun Installation Services in a pending civil rights lawsuit. The complaint was filed Sept. 4 in Connecticut District Court by attorney Robert M. Berke on behalf of former employee George Edward Steins, who was arrested and charged with employing an unregistered home improvement salesperson. The complaint alleges that had Sunrun informed the Connecticut Department of Consumer Protection that the plaintiff's employment had ended in 2017 and that he no longer held Sunrun's home improvement contractor license, he would not have been hit with charges, which were dismissed in May 2024. The case, assigned to U.S. District Judge Jeffrey A. Meyer, is 3:24-cv-01423, Steins v. Sunrun, Inc. et al.
Who Got The Work
Greenberg Traurig shareholder Joshua L. Raskin has entered an appearance for boohoo.com UK Ltd. in a pending patent infringement lawsuit. The suit, filed Sept. 3 in Texas Eastern District Court by Rozier Hardt McDonough on behalf of Alto Dynamics, asserts five patents related to an online shopping platform. The case, assigned to U.S. District Judge Rodney Gilstrap, is 2:24-cv-00719, Alto Dynamics, LLC v. boohoo.com UK Limited.
Featured Firms
Law Offices of Gary Martin Hays & Associates, P.C.
(470) 294-1674
Law Offices of Mark E. Salomone
(857) 444-6468
Smith & Hassler
(713) 739-1250
