Howard & Howard, a Royal Oak based law firm, has announced the official formation of its Cannabis Industry Group.
The newly formalized group provides a broad range of services to clients operating in the rapidly expanding legal medical and adult use cannabis industry.
“Our cannabis group offers services required by the businesses starting-up or already operating in this vibrant new industry,” said firm President and CEO Mark Davis. “That includes venture capital, financing, real estate, intellectual property licensing, regulatory compliance and an entire suite of related business services.”
A news release issued by the law firm said the medical and adult use marijuana industry, according to Arcview Market Research, is the country’s fastest-growing with 2016 total revenues estimated at about $6.7 billion.
As more states roll-out medical and adult use regimes, continued growth is expected with experts estimating revenues topping $20 billion by 2021.
Davis said the firm has been working with medical cannabis companies and ancillary businesses for several years, including representing General Hydroponics, Inc. and Bio-Organic Solutions in their acquisition by Hawthorne Gardening Company (a subsidiary of Scotts Miracle-Gro).
“With the industry’s rapid expansion and our background in the industry, we felt the time was right to formalize our firm’s offerings to the cannabis industry and create a discrete, focused group,” Davis said.
The firm’s Cannabis Industry Group provides guidance for businesses in the medical and adult use segments, including:
• Licensing for Cultivation, Processing, Testing, Transporting and Dispensing
• Wholesale and Retail Hydroponic Sales and Related Mergers and Acquisitions
• Entity Formation
• Zoning, Tax, and Federal vs. State Law Conflicts
• Anti-Money-Laundering
• Litigation and more.
Davis said the new group includes attorneys with prior experience in the medical cannabis segment and the gaming and liquor industries.
Howard & Howard has offices in Michigan, California, Nevada and Illinois, all states which have legalized medical and/or adult use of cannabis.
“This multi-billion-dollar industry is becoming one of the most highly-regulated in the world and will require a wide range of legal services which we can provide,” said Davis.
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