Offit Kurman Cannabis Attorney Quoted in the Washington Business Journal
Now what? Companies shut out of Md. marijuana licenses search for new opportunities.
by Tina Reed– Staff Reporter – Washington Business Journal
Sometimes, you just bet on the wrong horse.
And such was the case for dozens of medical cannabis companies and their backers in Maryland this week as they learned they would not receive preliminary approval in the first round of lucrative licenses to be granted by the state. There were 146 potential growers and 124 potential processors competing for 15 grower and 15 processor licenses, respectively.
And some investors in medical cannabis companies found themselves without a place to invest.
“I probably got 15 of those calls yesterday,” said Darren Weiss, a founding member of Maryland law firm Offit Kurman’s cannabis practice group, which organizes informational and networking session for industry members in Baltimore and Bethesda.
“That fact is, this process has taken so long, they’ve put a lot of time into this,” Weiss said. “And some said, ‘I’ve got this money. I want to invest. What can I do?'”
Weiss said he’s trying to serve as matchmaker and adviser to investors and entrepreneurs for new opportunities. “My advice is, ‘All is not lost,'” Weiss said. “If you are committed to and passionate about this industry, if you’ve done all the legwork, go talk to the companies that did get the approval and find out where the gaps are,” Weiss said. He suggested there may be opportunities for those companies to participate based on their vendor relationships, the financing they’ve already pulled together and their operations skills.
“Of course, it’s not on the terms you thought it would be. But it’s a way to stay involved,” Weiss said.
Click here to read more on the Washington Business Journal
ABOUT DARREN WEISS
A frequent author and speaker on legal issues affecting the legalized cannabis industry, Darren H. Weiss is a cannabis industry thought leader and a seasoned business counselor and litigator. Mr. Weiss has built his practice working with businesses to maintain, preserve, and protect their most valuable assets. A passionate and experienced legal advocate, Mr. Weiss’s practice focuses on cannabis and employment law. His cannabis law practice includes regulatory and compliance work, business transactions and corporate guidance, and labor and employment. Mr. Weiss’s employment practice spans from advice and counsel to defense of collective and class action litigation, charges of harassment and discrimination, and enforcement of restrictive covenants. Mr. Weiss represents clients in a wide variety of industries, including medical care, manufacturing, professional services, and financial services.
ABOUT OFFIT KURMAN
Offit Kurman is one of the fastest-growing, full-service law firms in the Mid-Atlantic region. With 120 attorneys offering a comprehensive range of services in virtually every legal category, the firm is well positioned to meet the needs of dynamic businesses and the people who own and operate them. Our eight offices serve individual and corporate clients in the Maryland, Delaware, New Jersey, and Northern Virginia markets, as well as the Washington DC, Baltimore, Philadelphia, and New York City metropolitan areas. At Offit Kurman, we are our clients’ most trusted legal advisors, professionals who help maximize and protect business value and personal wealth. In every interaction, we consistently maintain our clients’ confidence by remaining focused on furthering their objectives and achieving their goals in an efficient manner. Trust, knowledge, confidence—in a partner, that’s perfect.
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