Once upon a time we all worried about getting busted with a bag of weed. Lord help us if we did. The legal fees were astronomical to get out of the charges – if that was even possible. Cannabis legal services were all about the bust.
Enter legal cannabis. What would the lawyers do? Now who would hire them?
Those who have been busted for illegally possessing or selling marijuana are not the only ones that need to hire an attorney.
Is the Sky the Limit for Cannabis Legal Services?
Along with the legalization of medical and recreational cannabis comes a multitude of businesses that need cannabis legal services. These businesses are facing some very unique concerns. Not only are they having problems with banking, but there are things to consider like: zoning, real estate, contracts, settling disputes, copyrights, and licensing.
As is sometimes sadly the norm, as companies grow, mergers and acquisitions are happening and thus stakeholder disputes. Who will mediate these M&As? That’s right. Attorneys.
Many attorneys are realizing that cannabis legal services can provide a quite lucrative income. With typical attorney hourly rates of $400 to $600 an hour, firms can easily pull in millions of dollars in revenue strictly from their cannabis clients.
With more states set to legalize some form of marijuana this year, the future looks quite bright for attorneys wanting a piece of the cannabis pie.
The Stigma is Lifting
In one of our recent articles, we wrote about the stigma of using cannabis. The stigma does not just apply to the everyday user. Attorneys are feeling more confident entering the industry because it is becoming a more acceptable industry in the eyes of the legal world.
In the last few years, the public is turning the corner on their ideas of cannabis legalization. Along with that has come the acknowledgement of cannabis law being acceptable to practice.
Attorneys Helping to Legalize Cannabis
Even in states where medical or recreational marijuana is not legal there is still a market for cannabis legal services. Florida has faced obstacles in the legalization process and the last vote narrowly failed.
But attorneys like Peter Porcaro in South Florida, are studying medical marijuana laws around the country and are at the forefront of the Florida cannabis movement.
Still some Obstacles and Decisions to Face
Even though the stigma is lifting and attorneys are building lucrative businesses, there are still ethical questions. There are potential problems with cannabis still being illegal federally.
Since cannabis businesses are dealing almost exclusively in cash, money laundering concerns are an issue.
As the industry grows so are the attorneys wanting to be involved. Competition is mounting. Firms are considering diversifying their services and making some important decisions about their future.
The number of ancillary cannabis businesses are growing. And you can count cannabis legal services as one of them.