Law firms and lawyers were crucial to getting New York and other states to accept medical uses of marijuana, and then to implementing the regulatory and business frameworks to allow the industry to grow. Now, many of those same players are pushing toward the “next frontier” — growing regional and then nationwide recreational marijuana business.
But, as Goldberg Segalla associate Adam R. Dolan pointed out to the New York Law Journal, the pace of progress will “come down to the feds.”
“Banks are multinational and multistate and they don’t want to take the [marijuana] money,” he said. The banking industry will “take a while” to accept the idea of revenue from the marijuana industry, especially given the Trump administration’s “anti-marijuana” policies, he added. As Adam explained, the absence of investment from the nation’s major banks has left the job of financing the nascent marijuana industry — and reaping the first fruits — to credit unions and small state banks.
Adam brings to the subject not only his experience serving a variety of businesses and individuals out of the firm’s White Plains office, but also his experience as Bronx County Assistant District Attorney, and, before that, as an intern with the Massachusetts Office of the Attorney General in Boston.