Thoughts from MJBizCon, the World’s Largest Cannabis Convention

Greetings!

The Prince Lobel Cannabis Team would like to thank everyone who stopped by our booth during MJBizCon in Las Vegas from November 16 to 18. It is always a pleasure when our attorneys have the opportunity to connect in-person with existing clients and meet new entrepreneurs.

Here are our 4  takeaways from the world’s largest cannabis convention:

1. New York is NOW – proposed regulations have been released by the OCM and approved by the CCB and the first adult-use retail sales will commence within the coming weeks – now is the time to get into the market that never sleeps.

2. State and municipal regulations, including zoning ordinances, are complex, and differ widely from jurisdiction to jurisdiction.  New entrants to the legal cannabis market should seek assistance with site selection, addressing varying municipal regulatory requirements, and filing complaint applications.
3. While some markets are struggling to find solid financial footing, taxation remains a major hurdle. Although it is uncertain when the federal government will free the industry from 280E, many states have passed legislation allowing cannabis businesses to deduct their business expenses on their state tax bills.
4. Regulators are intent on creating a more inclusive, diverse, and equitable industry; New York, New Jersey, and Connecticut have all put an emphasis on creating an equitable industry in their emerging markets, while Massachusetts has recently passed an Act Relative to Equity in the Cannabis Industry, bringing sweeping legislative reform to the state’s cannabis industry.  Participants in the industry must remain cognizant of these goals.