As part of its mission to bring its members valuable thought leadership and tools to help them Be Ready™ for the regulatory uncertainty facing the cannabis industry, on January 22, 2018 the NACB conducted the first NACB Legal Symposium: Preparing for 2018 and Beyond, an event focused on the critical issues of banking, finance and regulation in the cannabis industry.
Hosted by the international law firm Cadwalader, Wickersham & Taft LLP, and produced exclusively for NACB members and associates, the NACB Legal Symposium featured speakers from premier law firms and top-ranked boutique firms with dedicated cannabis expertise. They included Cadwalader, Wickersham & Taft, Jones Day, Davis Polk, King & Spalding, Torys, Hoban Law Group, Harris Bricken, and Frontera. Additional participants included NACB industry partners and experts, who helped shed light on the shifting and expanding cannabis landscape.
You can download the NACB Legal Symposium Handbook below, along with PDFs of each presentation from the event.
INTRODUCTIONS & EVENT OUTLINE
DEA, IRS, and Ethical Considerations for Attorneys
Jodi Avergun (Cadwalader, Wickersham, & Taft) discusses the current federal regulatory landscape for cannabis, including the Sessions Memo, prospects for federal legalization, and roles of other government agencies in overseeing the cannabis industry. She also discusses the ethics of lawyers advising cannabis businesses.
Prior to Cadwalader, Jodi served in numerous capacities in the Department of Justice, including as Chief of Staff of the U.S. Drug Enforcement Administration, and as an Assistant U.S. Attorney in the Eastern District of New York.
Banking/Anti-Money Laundering Issues: Cannabis-Related Businesses
Jeanine McGuinness (Davis Polk & Wardwell) discusses the hurdles facing financial institutions in accepting funds from cannabis businesses. She also offers ways in which changes to federal law could alleviate the situation and open access to banking for the industry.
Jeanine is counsel in Davis Polk’s Financial Institutions Group, concentrating in U.S. trade and investment laws applicable to cross-border transactions, anti-money laundering laws and other aspects of financial regulation.
Cannabis 2.0 & Federal Prohibition's Continued Impact
Eric Berlin (Jones Day) discusses the evolution of cannabis regulation amidst uncertainty, and explores responses to the Sessions announcement repealing the 2014 Cole Memo. He further proposes avenues for federal-state reconciliation of cannabis issues.
Eric is one of the nation's leading cannabis law attorneys, advocating full-time for clients in or impacted by the state-legal cannabis industries and tensions with federal law.
B2B E-Commerce and Customer Due Diligence
Malik Burnett, M.D. (Prevision Strategies and Analytics) outlines a plan for capturing wholesale cannabis marketplace activity to facilitate greater transparency and compliance.
Dr. Burnett is a physician advocate and entrepreneur.
The NACB and Self-Regulation for Cannabis
Douglas Fischer (NACB) discusses the role that self-regulation can play in the fragmented cannabis industry and outlines the NACB’s process of creating and validating its National Standards (which can be found here).
Doug is NACB's Chief Legal Officer, and was previously an attorney at Cadwalader, Wickersham & Taft LLP, where his practice included advising on white-collar crime defense, compliance, cannabis law and financial regulation.
Canada's Cannabis Framework - A Regulated Market for Medical & Recreational Cannabis
Cheryl Reicin, Eileen McMahon, and Peter Aziz (Torys LLP) detail Canada’s approach to cannabis regulations focusing on capital investment in Canadian security markets and access to banking. The team also discussed cannabis investing and money transfers across the US-Canadian border.
Cheryl, Eileen, and Peter hail from the Toronto-based firm of Torys, and advise on a wide range of Life Science, Intellectual Property, and Financial Services issues.
California Enters the Legalized Cannabis Market
Justin Keller (Frontera Law Group) provides an overview of the state of regulation in California, the nation’s largest and most complex cannabis market, and highlights special considerations for license holders and investors.
Justin represents a host of best-in-class cannabis companies, brands, products and ancillary service providers in corporate legal issues.
Cannabis Issues 2.0 - Perspectives for the Legal Community
Adam Orens (Marijuana Policy Group) discusses how market forces can shape cannabis laws, and how industry regulators can and should use economic analysis models to guide the creation of state and local regulatory systems.
Adam is a founding partner of the Marijuana Policy Group, with 10 years of experience in economic and policy consulting.
The Complexities of M&A in the Cannabis Industry
Robert Hoban (Hoban Law Group) discusses the multitude of considerations surrounding deals, private equity and corporate structuring relating to cannabis businesses.
Bob is HLG’s Managing Partner and is recognized as one of the leading commercial cannabis practitioners nationwide.
Federal Government Regulation of Marijuana
Kyle Sampson (King & Spalding) discusses the authority of the FDA in the cannabis industry, and how this important federal agency and its policies exert influence on the regulation and conduct of cannabis businesses.
Kyle's practice focuses on FDA compliance and enforcement issues, representing pharmaceutical, biotechnology and medical device companies.
NACB TO TACKLE BANKING AND FINANCE WITH SOME OF THE BRIGHTEST MINDS IN CANNABIS LAW | Eugene Morgulis - January 17, 2018
MARIJUANA BANKING IN THE WAKE OF JEFF SESSIONS'S POLICY REVERSAL | Robert McVay - January 29, 2018