Looking Ahead: What to Expect in 2023
2022 was a dramatic year of change in the state of New York with respect to legalization and permitting in the cannabis space. Most prominently – and our team has written extensively on the subject – is the contention of federal illegality of cannabis (with its simultaneous explosion of laws legalizing cannabis at the state level) that has created challenges for practitioners, businesses, and state-level regulators. One of the most interesting developments to watch in recent years has been the proliferation of lawsuits targeting regulations, and licensing decisions, on constitutional grounds. You can read more about our insights in this developing space here and where we expect to see continued challenges in 2023.
Thought Leadership and Advisories
- State of Play: New York’s Recreational Cannabis Market in 2022
Approximately 18 months after passage of the Marijuana Regulation and Taxation Act (MRTA)—which overhauled New York’s medical marijuana program and was intended to usher in an adult-use market—New York finally appears to be on the verge of opening a limited number of recreational dispensaries in the coming months. - Constitutional Considerations for a Federally Illegal Cannabis Industry
One of the most interesting developments to watch in recent years has been the proliferation of lawsuits targeting regulations, and licensing decisions, on constitutional grounds. - Emerging Trends in Cannabis Litigation
In this article we discuss the collision of federal illegality and constitutional rights, and their effect on the business of cannabis. - One Year Later: Adult Use Legalization in the Northeast
In their latest regular article for Thomson Reuters, Alex Malyshev and Sarah Ganley of the firm’s Cannabis, Hemp & CBD Industry Group survey the current landscape of adult use cannabis.
Client Highlights
- We represented Vessel Brand Inc. in its $30 million sale to Flora Growth Corp, a leading all-outdoor cultivator and manufacturer of global cannabis products and brands.
- Our cross-border team represented Willow Biosciences Inc., a Canadian biotechnology company based in Vancouver, with a bought deal offering of common shares for approximately $28.75 million.
- The offering was made pursuant to an underwriting agreement between our client and a syndicate of underwriters.
- We represented Bold Cannabis Inc. with its non-brokered private placement of units comprised of common shares and warrants for up to CA$1.9 million.
- In another cross-border matter, we represented Decibel Cannabis Company Inc., a premium cannabis producer, with its bought deal prospectus offering of units for approximately CA$15 million.
- We provided advice to our client, FOCUS (Foundation for Cannabis Unified Standards), on governance and non-profit issues to a non-profit cannabis standards accreditation provider.
- For HiBNB, we provided advice to the client on regulatory issues and launch of operations in the United States for cannabis friendly short term vacation rentals.