On January 15th attorney general nominee William Barr shared his opinion on the current state of the marijuana laws. His comments sent publicly traded Marijuana Companies spiraling down before mounting a comeback later on in the trading session.
William Barr said that the current system around marijuana laws is “untenable” and that he personally supports prohibiting marijuana all throughout the United States. Barr went on to say that although he feels this way personally, he would not go after cannabis businesses that comply with state regulations.
Marijuana remains a Schedule A drug under Federal Law, so comments of this nature could certainly spook individuals or businesses looking to establish themelves under Medical or new Adult Use Marijuana laws throughout Maine.
The question is, what does this mean? Sadly, in my opinion, this does not offer any more clarity than we already had. William Barr seems to be echoing the sentiments and following guidelines that are already in place. Compliance will be the single most important factor in the early days of this new industry. For the moment, the Federal government seems content to let States like Maine establish and enforce their own rules. As long as your business adheres to all of the rules and regulations of the State enforcement agencies, the status quo looks like it will remain the same.
I would urge anyone looking to get into the Marijuana field to bring a corporate attorney on very early in the process. It is much easier to comply with the rules from the outset rather than facing stiff fines, criminal liability, or loss of license down the road.
Businesses are already positioning themselves by applying for “Conditional Use” licenses or compiling all the necessary paperwork to be ready to submit their application the day Maine begins accepting them.
As always in this industry, all of this could change on a moment’s notice. I will be sure to update this article if this occurs.
Every individual or entity will have different factors that will impact your application process. If you want to schedule an initial consultation please reach out to us by clicking below.