Also reported in: NJBiz
Helping Navigate the Legal and Regulatory Landscape of Rapid Growth Industry
Bressler, Amery & Ross, P.C. has formed a Cannabis Practice Group.
The new group will work with entities involved in the medical marijuana programs in New Jersey and Florida, and as the laws in New Jersey, Florida and other states develop, will counsel clients in additional markets.
In New Jersey, a bill providing for adult-use is pending in the state legislature and expected to be voted on in the near future. If it passes, the legal adult-use cannabis market in New Jersey has been estimated to be $1 billion in sales per year. In 2016, Florida legalized cannabis for certain medical conditions. The cannabis market in Florida is expected to exceed $1 billion by 2020. In 2017, legal cannabis sales nationwide were nearly $7 billion.
“We are a full-service law firm and specialize in areas of law which are critical to the cannabis industry, from corporate formation, healthcare, compliance, financing and banking, real estate and environmental issues, as well as employment issues relating to both adult-use legalization and the expansion of medical marijuana programs,” said Cannabis Practice Chair Nikolas S. Komyati.
Bressler, Amery will advise cannabis industry participants in areas such as corporate and securities, regulatory and compliance issues, real estate, environmental, financing, licensing and employment law. The firm also has an established Financial Crime Compliance Practice which advises financial institutions on providing services to direct marijuana businesses in compliance with anti-money laundering laws.
“We believe that our expertise in the heavily-regulated financial sector provides clients with an added level of sophistication they will not find elsewhere,” Mr. Komyati explained.
Mr. Komyati will work with a team of Bressler lawyers, including Kerry Zinn (Financial Crime Compliance/Regulatory), Tobias Ziegler (Corporate), Michael Ostrowsky (Real Estate), Jed Marcus (Employment), Karen Murphy (Environmental/Land Use), Kathleen Gannon (Environmental) and Thomas Roberts (Regulatory).
“This is a rapidly growing industry that needs high quality counsel. We are uniquely prepared to assist businesses and entrepreneurs in navigating the regulatory environment, whether the client is directly involved in the industry or indirectly involved through ancillary business,” said Mr. Komyati.
Bressler Managing Principal Frank Cuccio said the firm has always looked at how it can take its legal expertise and apply it in a cutting-edge way for clients. “Our corporate, securities, regulatory and financial crime compliance experience makes us unique,” he said. “We want to provide one-stop shopping for legal advice needed by businesses and this industry.”
For more information on the Cannabis Practice Group, go to https://www.bressler.com/practices-cannabis-law.