As the largely illicit cannabis market transitions to a legal, regulated industry, the "canna-curious" and experienced industry participants alike are experiencing the harsh truth: Making a fortune in the legal cannabis industry is a challenge made even more difficult by a complex patchwork of state and federal laws.
The Cannabis Business clears the confusion around topics such as the distinction between hemp and cannabis and why it matters for consumers and regulators, why CBD isn’t completely legal in the U.S., why and how states differ in their licensing processes, and how deal structuring is impacted by state regulations. Written by attorneys from the nation’s leading cannabis law and policy firm, this comprehensive primer on all things cannabis law is a must-have for anyone seeking to understand the major practical legal issues facing the cannabis industry in the U.S.
Table of Contents
Introduction – Charles S. Alovisetti
Part I – Understanding the National Landscape and Risks
1. Federal Law and Policy Overview – Cannabis – Charles S. Alovisetti and Carl Werner
2. Federal Law and Policy Overview – Hemp and CBD – Charles S. Alovisetti, Shawn Hauser, Michelle Bodian, and Catie Wightman
3. State Law Overview – Cannabis – Charles S. Alovisetti and Andrew Livingston
4. State Law Overview – Hemp and CBD – Charles S. Alovisetti, Shawn Hauser, Michelle Bodian, and Catie Wightman
5. Risks of Cannabis Investments – Charles S. Alovisetti, Ben Leonard, and Sahar Ayinehsazian
6. Risks of Cannabis Investments – Hemp and CBD – Charles S. Alovisetti, Michelle Bodian, and Catie Wightman
Part II – Practical Legal Issues
7. Introduction to Cannabis and Tax Law– Charles S. Alovisetti and Andrew Livingston
8. Introduction to Cannabis and Bankruptcy Law– Charles S. Alovisetti, Phil Silverman, and Jason C. Adelstone
9. Introduction to Cannabis and Intellectual Property Law – Charles S. Alovisetti, Matthew Bartling, Barine Majewska, and Michelle Bodian
10. Introduction to Cannabis and Real Estate Law – Cassia Furman and Charles S. Alovisetti
11. Introduction to Cannabis, Securities Law, and Private Placements – Charles S. Alovisetti, Ilya Ross, and Sahar Ayinehsazian
12. Introduction to Cannabis and Banking – Sahar Ayinehsazian and Charles S. Alovisetti
13. Introduction to Cannabis and Insurance – Charles S. Alovisetti
14. Introduction to Cannabis and Licensing – Charles S. Alovisetti, Jessica Scardina, and Emily Hackman
15. Introduction to Cannabis and Social Equity – Cassia Furman and Kelsey Middleton
16. Introduction to Cannabis and Advertising – Cassia Furman, Andrea Golan, and Charles S. Alovisetti
Part III – Getting in the Game: Doing Deals in the Cannabis Industry
17. Introduction to Cannabis and Business Formation – Charles S. Alovisetti, Elliot Y. Choi, and Catie Wightman
18. Introduction to Cannabis, Due Diligence, and Deal Structuring – Charles S. Alovisetti, Elliot Y. Choi, and Sahar Ayinehsazian
Charles S. Alovisetti is a partner at Vicente Sederberg and chair of the firm's Corporate Practice Group, where he has focused his practice since 2015 on advising companies, investors, and other law firms on the nuances of executing financings, mergers, and acquisitions, and other corporate transactions involving licensed and ancillary cannabis companies. Charlie has been recognized by Chambers & Partners as one of the top cannabis lawyers in the United States.
Cassia Furman is a partner at Vicente Sederberg and managing attorney of the firm's California Practice Group based in Los Angeles. In addition to supporting the firm's policy and local government work in California and around the country, she counsels clients on a wide range of transactional, regulatory, and land-use issues related to the licensing and operation of California commercial cannabis ventures.
The Cannabis Business provides the perfect overview of the cannabis industry to help investors, newcomers, and even veterans of the cannabis industry develop a comprehensive understanding of the legal framework this wild business operates within. It provides the appropriate level of depth for business professionals in the industry to develop a general understanding of how regulation functions at both the federal and state level. Each chapter also summarizes a series of best practices, which I consult as a reference when exploring specific business opportunities that may have legal or regulatory considerations. Having worked with customers and partners in cannabis and cannabis-adjacent businesses, I know that many struggle to find an authoritative source for this type of legal information. Few lawyers will understand the full intricacies of the field, and information found online is unreliable or incomplete. I would recommend The Cannabis Business as a resource for any professional working in the cannabis industry.
- Geoffrey Reed, VP, Weedmaps
The vast amount of information available to explain the cannabis industry is often an exercise in confusion, miscommunication, patently false assertions, or brash opinion. This book is one of the few instances where professionals, both skilled and unskilled within cannabis, can get a grounded tutorial for today's considerations and tomorrow's opportunities.
- Mike Siebold, Cannabis Advisor