Lawyers already gearing up for more marijuana reform and regulation work
As reported in this new Legal Times piece, headlined “After Referendums, Where There’s Smoke There’s Business,” lawyers are continue to see the professional potential presented by the parting of pot prohibition in a few more jurisdictions:
After residents of two Western states and the District of Columbia voted Tuesday to allow wider legal use of marijuana, law firms are again sizing up potential business related to the drug.
Wiley Rein lawyers hedged on Wednesday that—at least in the District of Columbia—cannabis providers and other companies in the industry could soon seek the services of regulatory attorneys. “It’s something we’re keeping a close eye on,” Jim Czaban, head of the firm’s food and drug law practice, said….
“There’s a clear trend on a big level where this is going,” Claire Frezza, a former pharmacist and Wiley associate working with Czaban, said Wednesday. “What’s unclear is how the federal government can respond.”
Lawyers now may advise cannabis-related companies on how to keep labeling, product potency and forms of the drug in line with new state rules. At the same time, federal regulatory lawyers could advise companies in the states on how to still comply with the strict U.S. law that prohibits the drug, according to Czaban and Frezza.
Wiley Rein hasn’t yet gone as far as other firms in the marijuana arena. This year, a handful of corporate firms with Florida or California presences announced medical marijuana practice groups or attempted to build ties with potential clients in the industry. The Florida firms anticipated a billion-dollar industry that state law would allow to bloom in their state.
Attorneys at Akerman, Berger Singerman and GrayRobinson zeroed in on Florida prior to the election and specialized in the cannabis industry. Berger Singerman associate David Black said Wednesday that cannabis-related businesses are still engaging his firm on other more-restricted legal opportunities in Florida. In the medical marijuana practice area, Black’s expectations are still high. “In light of the strong support shown in yesterday’s vote, many believe that its passage has been merely delayed,” he added in an email.
Business opportunities for corporate law also could grow with Oregon and Alaska’s approvals of recreational sales. But the cannabis industry remains in economic infancy, with medical marijuana allowed in about half of U.S. states. “There’s a lot of interest out there, but on a business and monetary basis, it’s still fairly small,” Czaban said. “We’d be wiling to take on clients in that space, but it depends on what the actual project involves.”