The cannabis industry has attracted many creative, innovative entrepreneurs. And while they’re often skilled at cultivation, production, extraction or brand-building, sometimes, they aren’t as knowledgeable about business legalities and navigating the myriad risks inherent in running a cannabis company.
Entrepreneurs in other industries often have an MBA and strive to build their business for years before it ever hits $5-10 million in annual sales. But in cannabis, it’s not uncommon for an unseasoned entrepreneur’s company to rocket from zero to $10 million in its very first year of operation! While that success is phenomenal, the downside is that less-experienced business owners don’t always put forth the level of attention to detail required in this intensely regulation-ridden category.
I’ve advised many cannabis clients on litigation, employment, regulatory, licensing, corporate, securities and M&A matters. In a recent piece for Green Entrepreneur, I shared the top three legal mistakes I see cannabis entrepreneurs make—and how to avoid them. Click here to read more.