2024 was a whirlwind. A year that began with optimism for taxation reform and the high-water mark for publicly traded cannabis companies ended with more uncertainty and record-low valuations. With political uncertainty as to who will be running the relevant federal agencies that will affect the industry, 2025 remains an open question. Within any challenge, there are always opportunities, and Prince Lobel’s cannabis team is prepared to work through those opportunities with our clients. I am reminded of the quote by Dr. Norman Vincent Peale: to “raise your sights and see the possibilities. Always see them for they are always there.” As we enter the new year, here are some thoughts we would like to share with our clients and the broader industry in general.
- Welcome Max Riffin as co-chair: Max joins Mike Ross as co-chair of the Prince Lobel Cannabis Group, bringing his enthusiasm and skills as a talented corporate attorney and experienced practitioner within the cannabis industry. Max will be filling the shoes of John Bradley, who along with Mike, founded the group ten years ago. John will continue to service cannabis clients, and Prince Lobel thanks him for his leadership over these years.
- Capped hourly fees: For the third year in a row, Prince Lobel attorneys are freezing their hourly cannabis rates. We understand the financial challenges that the industry is facing, and we are looking to meet those challenges with support. Our hourly rates are extremely competitive and will not increase in 2025. In addition, for qualifying social equity license holders, we will be extending an additional 15 percent off our rates, across the board.
- Prince Lobel celebrates ten years of its cannabis group: Ten years ago, launching an industry group to service the nascent cannabis industry in Massachusetts did not seem as obvious as it might today. But Prince Lobel believes that the best way forward is thinking several moves ahead.
- Social Consumption is arriving in Massachusetts: Draft regulations are being written by the Cannabis Control Commission, and Prince Lobel is working with its clients to prepare for social consumption opportunities throughout the state. Please see my previously released update on this subject here.
I wish everyone all the best for a strong 2025. I look forward to connecting with you individually to discuss how Prince Lobel can help you and your business moving forward.
Best,
Mike Ross