By David Olsky
As the cannabis industry grows, it’s increasingly essential for business owners and investors to protect themselves from potential litigation. Partnership disputes, unsavory business practices and “off-the-books” backroom dealings abound, particularly in contrast to other, more mature, established industries.
In a piece featured on MJBizDaily, Fortis partner and litigation expert David Olsky dispenses his three key pieces of advice for how businesses can protect themselves from bad actors, acrimonious partnership disputes and costly legal disputes.
An important first step is to ensure that all cannabis licenses and permits are up-to-date and properly obtained.
Second, it’s crucial to formalize partnership agreements in writing, specifying each party’s roles and responsibilities and dispute resolution methods.
Third, minority owners should protect themselves with buy-sell agreements and other safeguarding measures.
Click here to read more from David Olsky about what exactly companies should do now to navigate these complex issues and protect themselves from potential litigation.