Cannabis has been gaining more recognition worldwide lately. Its market has also expanded significantly in the last few years.
More businesses dealing in both medical and recreational cannabis have sprung up in almost every state countrywide. The rapid growth of the cannabis market has come with increased provisions set at both state and federal levels to regulate the production, distribution, and sale of cannabis products.
If you run a cannabis business today, you definitely need the services of a competent and experienced cannabis attorney to ensure that your business is in compliance and maximize your success in the fast-growing industry.
Here are the key benefits of working closely with a cannabis attorney when you want to “grow” your retail marijuana business.
A Cannabis Attorney Will Help You to Meet Complex Industry Requirements
At present, there is no single national policy regarding the establishment and operations of a cannabis business. The requirements vary from state to state.
For instance, some states have a cap on the number of businesses allowed to run cannabis operations. This means that you need to apply for your business license before you begin your operations.
In most states, there is usually a narrow license application window creating intense competition for the limited licenses. The applicants are also required to pay high application fees. A state like Connecticut, for example, charges an application fee of $25,000 for a cannabis business license. Keep in mind that the fee is non-refundable.
Due to the sensitive nature of the cannabis industry, applying for a license is usually a complex process. The process is not only costly but quite competitive too especially in states with a limit of businesses allowed to run a cannabis business.
A lawyer who is experienced in the cannabis industry will help you every step of the way from all involved applications and financing to meeting all the licensure requirements.
Attorney Will Help You Understand Both Federal and State Laws
As a cannabis entrepreneur, you may have already done your research and have basic knowledge of marijuana laws in your state and how you plan to adhere to the laws.
However, your business could still be federally illegal. You need the help of a good cannabis lawyer to help you understand the full scope of both federal and state laws regarding the sale and distribution of cannabis products.
The cannabis or marijuana industry is typically classified into sub-categories such as cultivating or growing, extracting or processing, distribution, and retail. Each category has its own rules and regulations.
An experienced cannabis attorney will help you to have a good understanding of the category your business falls in and which requirements you are supposed to meet. The lawyer will help you understand cannabis laws better so you can achieve long-term success in the highly competitive industry.
Running a cannabis business without legal guidance and knowledge is simply inviting more trouble. You’ll end up violating some laws that you are probably not aware of.
You need the guidance of an experienced cannabis attorney. If you face criminal charges, the lawyer will always be at hand to defend you and your business.