California Cannabis: Show Me The Money
With passage of the Medical Cannabis Regulation and Safety Act (MCRSA), my firm’s California cannabis lawyers have been representing a steady onslaught of investors looking to get into California’s MMJ industry in some way, shape, or form. And with the vote on Proposition 64 coming up in November, excitement about the Golden State is palpable.
But it’s not all roses when it comes to current California MMJ laws and investing.
I tell these investors that California is still a risky place since its current state MMJ laws (which were not repealed by MCRSA’s passage) do not satisfy federal directives on “robust state marijuana regulation.” I also tell them that despite a high-level federal court blocking the Justice Department from enforcing the federal Controlled Substances Act against California MMJ providers, it’s no slam-dunk that either you or your investment will be safe in California.
When I get investors tell me that they’re going to “invest in a California collective,” I have...
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