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Marijuana remains illegal at the federal level. But that has not slowed the cannabis industry down. The cannabis industry is one of the fastest growing in the United States; in 2019 retail sales eclipsed $12 billion and the industry is expected to add 235,000 full-time jobs between now and 2023. Additionally, U.S. hemp saw a 459% increase in cultivation acreage from 2018 to 2019.
At the state level, marijuana is legal in some form in well over half the states. It is legal for recreational use in 11 states and Washington, D.C. And those numbers are growing each year. State-level legalization of marijuana, as well as incremental changes to federal law (the legalization of hemp in the 2018 Farm Bill, for example) have created new opportunities across a number of fields, including finance, banking, regulatory, employment, real estate, IP, marketing and insurance.
Locke Lord’s Cannabis Industry Group is well equipped to assist in all of these arenas. We represent established marijuana companies, cultivation facilities, dispensaries, retailers and a host of other marijuana-related businesses (MRBs) as well as those looking to enter the cannabis market. Our lawyers have extensive experience representing clients in this industry and its subsidiary product sectors, including significant regulatory experience advising clients on federal and state regulatory issues relating to hemp, cannabidiol (CBD) and tetrahydrocannabinol (THC). We work to ensure that our clients are knowledgeable about and can navigate the industry’s complexities, including applicable laws and regulations.