OAM Prepares to Assist Entrepreneurs and Businesses in the Emerging Recreational Cannabis Industry
OAM Attorneys Jonathan Longobardi and Dennis Carnelli recently attended the Cannabis Cover New England insurance conference in Boston, MA. The conference focused on the unique issues facing both insurers and cannabis-related businesses operating in the recreational cannabis market of Massachusetts and greater New England. Longobardi and Carnelli obtained an in-depth understanding of the unique obstacles and industry-specific risks that New England cannabis businesses and their insurers will grapple with for the foreseeable future.
In July of 2018, the cultivation, manufacture, distribution, sales, and adult use of recreational cannabis will be a reality in Massachusetts. From the sales of recreational cannabis alone, annual tax revenue for the Commonwealth is anticipated to exceed $100mm. It is expected by some that neighboring New England states will soon follow suit by legalizing adult recreational cannabis in order to benefit from the tax revenue generated by this emerging market. Medical cannabis currently is legal in 29 states (including Connecticut and Massachusetts) and 8 states permit recreational use (with California set to permit recreational use on January 1, 2018).
As the only Connecticut-based law firm in attendance at Cannabis Cover New England, OAM Attorneys Longobardi and Carnelli had the opportunity to engage industry professionals and learn first-hand of the unique risks and challenges confronted by business operating within the cannabis sector. The conference addressed issues pertaining to the regulatory framework on both the state and federal levels, as well as insurance underwriting and coverage available for cannabis cultivators, manufacturers, retailers, and testing facilities. Roundtable discussions that focused upon industry-specific risks such as banking and securing cash-heavy operations provided specialized insight into the compliance obstacles faced by cannabis businesses.
OAM has decades of experience and expertise representing business organizations both nascent and longstanding across the full spectrum of practice areas. From business formation and licensure to compliance and litigation, OAM stands ready to provide comprehensive legal support and guidance for entrepreneurs and businesses seeking to gain a foothold in the emerging New England cannabis marketplace.