Twenty-eight states and Washington, D.C. legalized marijuana to varying degrees under their respective laws. As you have heard, though, marijuana remains illegal under federal law. The marijuana sector boomed when the Obama Administration decided to place a low priority on enforcing the federal marijuana laws vis-a-vis marijuana activities under state law.
The federal government still has a hammer in the federal drug laws that could shatter the marijuana industry. The Trump Administration made statements recently that it may use that hammer on part of that industry. We will see what happens.
The possible shift in how the federal government handles marijuana highlights that anyone looking to get into, or stay in, the marijuana business must be ready. The breadth of the federal drug and racketeering laws means that those doing business with or assisting those in the marijuana business could be at risk. Landlords, suppliers, financiers, and professionals, to name a few, should assess their risks if federal law enforcement changes its priorities. Ignorance rarely, if ever, works as a defense.
The standard advice stands – go into any business with your eyes open. Know the regulations and the risks. Speak with your lawyer, CPA, insurance agent, and others to get the advice you need. Call us and see how we can help you.
This post provides general information only. This post is not intended to create an attorney-client relationship or to be legal advice about your situation. A blog post is not a substitute for legal advice that fits your situation. Laws change and your situation may be different. You should consult with a licensed attorney for legal advice specific to your circumstances.
© 2017 Matthew D. Macy