Hi everyone, Attorney Tim Zerillo here. Today is December 15, 2020 and I am shooting this video to talk about a phenomenon we are seeing more and more in our practice, MJ business breakups.
The Press Herald reports that “Medical marijuana sales totaled $221.8 million from January through October” of 2020. That is just what they have from sales tax data. Marijuana is Maine’s most valuable crop and that means that a lot of marijuana businesses in Maine are worth a lot of money.
Now, in some respects, the breakup of a cannabusiness is the same as any other business or partnership breakup. However, it also provides significant additional complexities given the fact that as of the shooting of this video it is still a Schedule 1 controlled substance federally, as well as some recent federal criminal decisions interpreting Rohrabacher Blumeneaur (more on that later), as well as banking and taxation complexities.
If you are going through a business breakup in the cannabis space, this will be the start of your research, but shouldn’t be the end. I hope this helps you on your journey, and remember, this is not legal advice given to you as a client, you need to hire us for that.