The marijuana industry has been booming, especially after recent legalization in some states. Some marijuana businesses are experiencing huge annual growth in revenue. What most people don’t know, however, is that marijuana-based companies have unique legal needs. A marijuana business attorney can help you navigate the complex regulatory landscape and provide much-needed guidance on marijuana-related issues.
Understanding the importance of a legally accredited attorney in your business success is critical. Khader Law has successfully represented marijuana businesses, and here is exactly how an attorney can help protect the company.
Ways a Marijuana Business Attorney Can Help Protect Your Business
As stated earlier, the marijuana business faces unique legal challenges. It is highly regulated, and different states have different laws. There are strict rules and regulations governing every aspect of the marijuana industry, from cultivation and production to distribution and retail sales.
A marijuana business attorney can help protect your company and ensure the business complies with applicable laws.
The following are some specific ways a marijuana business attorney can help:
Review and Negotiate Contracts
Contracts are a critical part of any business, and this is especially true in the marijuana industry. There are lots of contracts involved in the marijuana business, from leases and vendor agreements to distribution agreements and product development agreements. A marijuana attorney can review these contracts to ensure they are fair and protect your interests.
Represent the Business
An expert attorney is better placed to represent the business in any legal affair. They understand the specific laws that apply to your company and can provide the necessary representation. This means they are better equipped to protect your interests in court and get the best possible outcome for your case.
It is important to remember that while marijuana is legal on a state level, it is still illegal on a federal level. An attorney can ensure that you stay within your legal rights and don’t get in trouble with the federal government.
Interpret the Law
The marijuana business is constantly changing, and new laws are being enacted. A marijuana attorney can help you interpret these laws and understand how they apply to your business. This way, you can ensure your business is always compliant with the law.
Not all marijuana businesses are in the same category. Some of the subcategories are cultivation/growing, retail, processing, and distribution. Each of these subcategories has its own laws and regulations. A marijauna attorney understands what applies to your specific business.
Protect Your Intellectual Property
Intellectual property is a valuable asset for any business, and marijuana businesses are no exception. A marijuana attorney can help you protect your intellectual property, including trademarks and copyrights.
It is incredibly difficult for cannabis businesses to have trademarks approved because trademarks require the sale of products to be legal federally. Out of 8,000 cannabis-related trademark applications, only 1,300 were approved. A lawyer can help you understand trademark requirements and fill out an application.
Develop Policies and Procedures
A marijuana company attorney can help you develop policies and procedures to ensure compliance with all applicable laws. Just like any other type of business, you need an attorney to help you develop employee handbooks and other company policies. A marijuana business lawyer will know the unique requirements of a cannabis company and ensure you follow all regulations.
The bottom line is that a marijuana attorney can help protect your company in many ways. It is good to consult with an experienced attorney when starting or running a marijuana-based business.
Benefits of Hiring a Marijuana Business Attorney
Ensuring you are on the right side of the law should be your number one priority when starting a business. A marijuana company attorney can help you do that.
Many benefits come with hiring a marijuana attorney. Some of the most critical include:
- Get expert legal assistance– Hiring the services of an expert attorney gives you access to expert legal assistance. This is vital when starting a business, as you are likely to face many legal challenges. Marijuana businesses can easily lose their license, so working with a business attorney decreases the chances of that happening.
- Avoid costly mistakes– A marijuana attorney can help you avoid making expensive mistakes. These mistakes could jeopardize the success of your business. An example of such a mistake is a contract that exploits your business.
- Save time and money– Hiring a marijuana business attorney can save you a lot of time and money in the long run. One high initial expense is the license application. In Connecticut, they charge $25,000 just for the application. An attorney ensures the application is completely and correctly filled out so you don’t face incredible financial loss from the get-go.
- Peace of mind– Hiring a business attorney lets you know that your business is in good hands. You can focus on running your business while they take care of the legal side.
There are many benefits to hiring a business attorney. If you are thinking of starting a marijuana business, Khader Law, P.C. advises ensuring you consult with an experienced attorney.
A good marijuana business attorney can be a valuable asset to your company. You can be sure your business is on the right side of the law and avoid costly mistakes.