New York Becomes the 15th State To Legalize Recreational Marijuana

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. 

With the passing of this bill, New York became the 15th state to legalize recreational marijuana for adults in the U.S. Below, we break down the details of this significant marijuana legislation. 

Ritter Spencer, PLLCNew York Becomes the 15th State To Legalize Recreational Marijuana
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The Return of the SAFE Banking Act

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.  

Ritter Spencer, PLLCThe Return of the SAFE Banking Act
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How Should Cannabis Executives and Employees be Compensated?

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. 

Ritter Spencer, PLLCHow Should Cannabis Executives and Employees be Compensated?
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3 Benefits of Hiring a Cannabis Lawyer

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. 

Ritter Spencer, PLLC3 Benefits of Hiring a Cannabis Lawyer
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What to Expect from the Cannabis Industry in 2021

2020 was a monumental year for the cannabis industry, and experts predict the momentum will continue well into the future. Specifically, when businesses across the globe were forced to close amidst the worldwide spread of Covid-19, cannabis dispensaries were deemed an essential business and permitted to continue operations at the onset of the coronavirus pandemic. Cannabis activists across the country counted this as a significant win in the progress of our nation’s collective perception of the substance. As this fast-paced industry constantly evolves, expect to see continued strides made throughout the industry in the following year. Below we’ve included what to expect from the cannabis industry in 2021. 

Ritter Spencer, PLLCWhat to Expect from the Cannabis Industry in 2021
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