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 Offit Kurman attorney 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, “And some said, ‘I’ve got this money. I want to invest. What can I do?'”
Offit Kurman attorney said he’s trying to serve as matchmaker and adviser to investors and entrepreneurs for new opportunities. “My advice is, ‘All is not lost,'”. “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,” 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,”
Click here to read more on the Washington Business Journal
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