Bankruptcy is a challenging reality for many businesses, and it is not always easy to understand the intricacies of the bankruptcy process. While bankruptcy may not be the ideal solution for all struggling businesses, there are certain benefits that come with a bankruptcy filing, specifically, the automatic stay. Learn more about the automatic stay and discover how a commercial bankruptcy attorney can help your business return even stronger after bankruptcy.
On April 29, 2021, the Texas House of Representatives approved Texas House Bill 1535 (“HB 1535”), a bill that would expand Texas’ medical cannabis program. The Senate must now pass this bill before it can be signed into law and further advance Texas’ marijuana reform legislation. On April 30, 202, Texas House Bill 441 (“HB 441”) was also passed by the Texas House of Representatives; however, this bill faces an uphill climb in the Senate. If HB 441 is passed by the Senate and signed into law, this bill would reduce the criminal penalty for possessing small amounts of marijuana. These two bills indicate significant progress in Texas cannabis legislation but still face an uncertain fate in the Senate. Below, we break down what these reform bills mean for the marijuana community in Texas.
From minor internal concerns to major financial decisions, business owners tackle issues every day. However, entrepreneurs may not always be able to resolve more significant disputes internally. Certain situations may call for the assistance of a business litigation attorney to advise a company on a realistic strategy to resolve a disagreement. Alternative dispute resolution methods give businesses the ability to address a range of problems through a process that benefits all parties involved. Read below to learn if alternative dispute resolution is right for your business and how the Dallas law firm of Ritter Spencer PLLC can help.
Debts build up, cash flow changes, economies rise and fall, and uncertainties increase, and entrepreneurs and business owners may need to reevaluate their financial standing accordingly. However, running into financial trouble does not necessarily mean that a company needs to close shop and declare bankruptcy. Restructuring and reorganization strategies developed by an experienced commercial bankruptcy attorney give business owners more flexibility in finding a solution with their creditors rather than declaring bankruptcy.
On March 30, 2021, New York lawmakers voted in favor of legalizing adult-use cannabis after hours of debate in the State Senate and Assembly. Approximately 12 hours after the legislation was approved, Governor Andrew Cuomo signed the bill that legalizes marijuana for adults and expunges the criminal records of those previously convicted by actions that would now be legal under the new law.
On March 18, 2021, the Secure and Fair Enforcement (“SAFE”) Banking Act was reintroduced in the U.S. House of Representatives by Rep. Ed Perlmutter (D-CO). On April 19 (just before 4/20), the House approved the legislation again; this time by a vote of 321-101, which also includes a majority of voting Republicans. This reintroduction presents yet another opportunity for the cannabis community, and with a Democratic majority now in the Senate, the chances that this bill gets passed have significantly increased. Below, we take a closer look at the SAFE Banking Act to refamiliarize and reiterate its critical points and examine what this could mean for the hemp and cannabis industries.
Toward the end of the year, business owners and executives analyze their end-of-year finances to determine the company’s success, as well as how employees should be compensated. Many marijuana and hemp employers utilize their profits to give some of their more essential employees, such as initial team members or transitional employees with substantial connections or irreplaceable expertise, extra pay for their hard work. Owners typically do this with cash bonuses or equity-based compensation. As a hemp business owner, it is critical to understand each of these compensation methods before making a choice. Below, we break down your primary considerations.
As cannabis continues to gain significant recognition and the market expands, businesses specializing in both recreational and medical cannabis are growing in popularity across the country. Accordingly, various provisions are set at both the federal and state level to regulate the manufacturing, sale, and distribution of cannabis. Today’s cannabis companies need to hire a lawyer who specializes in the legislation, risks, and trends associated with the industry to ensure compliance and maximize success. Below we explain three of the most important benefits of hiring a cannabis lawyer.
We anticipate a substitute filing by Representative King that will substantially change some of the language discussed in this blog.
On March 11, 2021, Rep. Tracy King (D) filed HB 3948 that focuses on the regulation and production of hemp and consumable hemp products in Texas. This bill provides administrative penalties, imposes and authorizes fees, and creates criminal offenses. Additionally, the bill covers higher institutions, permissible THC content, additives, synthetics, and more. Below, we’ve summarized this bill to keep you in-the-know with Texas hemp legislation. The Senate version of this bill is SB 1776.
Many pet-lovers out there would do just about anything for their dogs, cats, or animals they care about. As a pet owner myself, I have been closely monitoring the legality of hemp-derived cannabidiol (“CBD”) products for animals. Unfortunately, pet foods and treats containing CBD are currently illegal according to the United States Food and Drug Administration (“FDA”); however, certain compliant CBD topical animal products are not subject to FDA control, and thus, are legal to sell in interstate commerce.