3 Things Every Cannabis Business Owner Should Know

Entrepreneurs in the cannabis industry face numerous choices that influence the success of their businesses. With so much to consider when building a cannabis company, business owners may easily get lost, confused, or make uninformed decisions that may imperil their business. At any stage of entrepreneurship, the right information could avoid unfortunate legal or financial issues such as bankruptcy. 

From trademarks to financial decisions, a business’ growth opportunities often rely on the decisions made by cannabis business owners. These decisions can be greatly influenced by the knowledge of experienced cannabis attorneys like those at Ritter Spencer. Read on below to read three things every cannabis business owner should know. 

Ritter Spencer, PLLC3 Things Every Cannabis Business Owner Should Know
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FDA Takes Action Against Copycat THC Products

The U.S. Food and Drug Administration (FDA) has issued a statement outlining its plan to address concerns about the manufacture and sale of Schedule I drugs in the form of edible products that may be commonly consumed by minors. In a press release on June 16, 2022, the FDA outlined its plan of action to monitor the production of these products and other emerging cannabis-derived products of potential concern to the FDA. 

The products of concern are widely known as copycat products, as they are packaged and labeled to look like popular children’s food brands. Their similarity to specific snacks that are marketed to children places minors at risk of accidental tetrahydrocannabinol, or THC, ingestion. Read below to learn more about the risks associated with copycat cannabis products and the FDA’s plan of action to combat their production. 

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5 Reasons to Hire an Attorney for Your Cannabis Business

Starting a cannabis business isn’t easy. With complex and often conflicting federal and state regulations on the manufacturing, sale, and distribution of cannabis, cannabis entrepreneurs have many unique factors to consider when starting their own businesses

One crucial component to a successful cannabis business is an attorney experienced with the legislation, risks, and trends in the cannabis industry. An experienced cannabis attorney can assist in ensuring your business is adhering to complex state cannabis regulations and can advise on risk mitigation strategies. Read below to dive deep into our comprehensive list of why an attorney is essential to every cannabis business. 

Ritter Spencer, PLLC5 Reasons to Hire an Attorney for Your Cannabis Business
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4 Ways Cannabis Companies Can Protect Their Intellectual Property

As the state-sanctioned medical and recreational use of cannabis continues to grow in the United States, so does competition. To stand out in this industry, companies need to build brand recognition or develop novel products. Therefore, intellectual property protection should be a major focus for cannabis companies. Cannabis-based businesses need to safeguard their brand identity through intellectual property protection. Using IP protections like trademarks, copyrights, patents, and trade secrets, business owners can effectively shield their brand from potential IP infringement. Read below to learn how cannabis companies can protect their creative assets and how Ritter Spencer can help preserve intellectual property.

Ritter Spencer, PLLC4 Ways Cannabis Companies Can Protect Their Intellectual Property
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Everything You Need to Know About Quantum Meruit, Unjust Enrichment, and Promissory Estoppel

Service providers and recipients alike should understand the nuances of contract law, especially regarding unspoken agreements and remedies for a breach. Without an official contract, a quasi-contract forms between two parties based on mutual understanding. In this case, if unfair enrichment occurs on the recipient’s side, the service provider may seek remedy through a quantum meruit, unjust enrichment, or promissory estoppel.

These three remedies are for quasi-contractual agreements where the service provider feels that the recipient unjustly benefitted without compensation. Understanding the difference between the three is crucial, and both business owners and their customers should be aware of why an official contract simplifies the entire process. Read below to understand the basics of quantum meruit, unjust enrichment, and promissory estoppel.

Ritter Spencer, PLLCEverything You Need to Know About Quantum Meruit, Unjust Enrichment, and Promissory Estoppel
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Common Legal Issues in the Workplace

Employers must understand what is considered legal in the workplace to respect their employees and operate successfully. As a law firm that practices business and corporate law, Ritter Spencer is well-versed in the rules that govern a place of employment. With help from an experienced attorney, business owners can avoid common legal issues in the workplace and maintain a decent corporate reputation. Read below to learn more. 

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The Best Structure for Your Business

Starting a business requires an appropriate structure to operate effectively and legally. Individuals or companies should adopt the business plan that makes the most sense for them, whether that is based on divergent tax policies or appropriate liability protection. 

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Benefits of a Limited Liability Company (“LLC”)

A variety of different business structures exist to offer owners higher degrees of flexibility and organization within their company. Deciding on a business’s structure is one of the most important decisions a business owner makes, as it impacts everything from taxes to daily internal operations. Read below to learn about one of the most popular structures–a limited liability company, or LLC. 

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