Like the digital healthcare industry, the medical and recreational marijuana (or Cannabis) industry, is both highly regulated and experiencing exponential rates of growth, innovation, and investment. Businesses in this space are sometimes referred to as "Cannabusinesses". According to a recent research report from Viridian Capital Advisors, investors pumped $1.23 billion into cannabusinesses during the first five weeks of 2018, nearly matching the entire amount invested 2016. That represents a nearly 600% increase as compared to the same five weeks in 2017.
Here in our backyard, Maryland and Washington, D.C.'s medical marijuana and hemp industries continue to grow, and the 2018 Virginia General Assembly made significant legislative changes to expand these separate, but related industries, as well. The GA recently passed House Bill 1251, which enacted a massive expansion in the Commonwealth’s cannabis pharmaceutical processor program, and House Bill 532, which will reduce barriers to the award of agricultural hemp licenses in the Commonwealth.
The fast-paced evolution of law and policy both locally and federally make it an exciting time to get into Cannabusiness, and Nixon Law Group is working with cannabis entrepreneurs and investors to help them navigate the complexities and risks that accompany a foray into this industry. It is our mission to help businesses achieve profitability and sustainability and to remain on the leading edge of science, health, and technology.
Nixon Law Group’s Cannabis attorneys assist clients with licensing for growing/cultivation, processing/extraction and dispensing; intellectual property, real estate, equipment leases, taxation, and other corporate transactions. Contact Nixon Law Group Partner Rebecca E. Gwilt, Esq. @ firstname.lastname@example.org for more information.