The vast majority of American states now have medical cannabis programs, and 11 states plus Washington D.C. have adult (or recreational) use programs as well. However, cannabis is still federally illegal, and the rules and regulations vary greatly depending on what side of the industry you’re in and where you’re doing business.
Few people understand the nuances of this highly complex industry better than Dan McKillop. Dan is an attorney at Scarinci Hollenbeck, where he works with companies seeking to break into the medical or adult cannabis industries. Dan was named a Cannabis Law Trailblazer by the National Law Journal in 2018, served on the New Jersey State Bar Association’s (NJSBA) Cannabis Law Special Committee for the 2018-19 term, and he has been invited to speak on various panels regarding developments in cannabis law by organizations such as NJBiz, the NJ Tech Council, the Commerce & Industry Association of New Jersey, and the New Jersey Cannabis Industry Association.
Today, Dan joins our podcast to break down the major differences between the medical and adult cannabis industries in America, the common barriers to entry that many people launching a business on either side face, and why Dan thinks full legalization will come sooner than later.
KEY TAKEAWAYS
- Why the prohibition against cannabis is nothing at all like the Constitutional prohibition on alcohol – and why states are effectively being left alone to enforce cannabis laws.
- The challenges cannabis business owners face when it comes to getting bank accounts and paying employees – and why smaller banks are willing to service the industry when large banks are not.
- The barriers to legalization in New York and New Jersey – and what would need to happen for both states to begin to allow adult use.
- Dan’s advice for anyone who wants to break into the cannabis industry at any level – and why it’s never too early to start preparing.
QUOTE
“Of course, they have the backing of the biggest banks in the nation, if not the world and they have to overcome that hurdle because of the federal illegality. So, that’s largely one of the main reasons why you don’t see the big alcohol, tobacco, pharma companies just absolutely jumping into the deep end of the pool. They’re waiting. They’re on the side of the pool. They’re in their swimsuits. They’re ready to go.” – Dan McKillop
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