Primerus announces the formation of its new Cannabis Practice Group to continue to provide member law firms and clients with the resources needed to succeed.
The commercialization and use of cannabis has become a worldwide phenomenon during the past decade. Verified Market Research valued the 2020 global legal marijuana market alone at almost $21 billion and has projected that the market will grow to approximately $111 billion by 2028. In the United States, 37 states, D.C., and 4 territories have approved the medicinal use of marijuana while 18 states, D.C., and 2 territories have also approved adult recreational use of cannabis. Decriminalization and legalization efforts are also finding momentum in various other countries around the world, including Canada, Mexico, Malta, Luxembourg, the Netherlands, Italy, Germany, Spain, Switzerland, the United Kingdom, and France.
With this growth has come an increased need for professional services related to the cannabis industry, including legal services. "Touch-the-leaf" companies, including cultivators, manufacturers, processors, distributors, and retailers, need counsel for a host of regulatory and administrative concerns as well as when applying for licenses to conduct their businesses.
They, together with an ever-increasing number of “no-touch” ancillary businesses in the cannabis sector, also require multi-disciplinary legal services in the areas of corporate formation, mergers & acquisitions, labor & employment, tax, insurance, cybersecurity, intellectual property, commercial litigation, real estate, financial restructuring, environmental & regulatory law, etc.
Through the Cannabis Practice Group, Primerus plans to provide resources for what is becoming a rapidly changing industry.