Higher Law: Valuation Vexation 

Emily Burns Quoted in Higher Law

By: Cheryl Miller,


Mergers and acquisitions may be a growing sector of marijuana law work, but how do you derive an accurate price tag for a business that trades in a federally illegal product, attracts a lot of scrutiny from the IRS, and has few historical benchmarks? Industry lawyers and analysts tried to answer that question this week on a program put together by Expert Webcast.

“There is really a tremendous exaggeration of the potential of the market in light of the fact that all of these legal policies and regulatory issues create inefficiencies that are almost unprecedented in any other industry,” said Emily. "So we haven’t achieved the economy of scale necessary for even disrupting the industry. We do not have any standardization.”


“People, I think are often unaware of how many known unknowns are significantly impacting what investors are actually hearing. It’s a green gold rush now but you should have been in this industry five years ago and gotten an actual understanding first hand.”

ABOUT EMILY BURNS | 410.209.6454

Emily became passionate about pursuing a legal career in the cannabis industry while attending Vanderbilt Law School, as she had the opportunity to enroll in one of the nation's first Marijuana Law and Policy courses, taught by leading marijuana law and policy scholar, Professor Robert Mikos. Emily soon began assisting Professor Mikos with writing a first-of-its-kind casebook entitled Marijuana Law, Policy, and Authority, acquiring in-depth knowledge of the various state regulations governing cannabis consumers, producers, and other third parties. In addition to having expert knowledge of the complex legal issues presented by conflicting federal-state marijuana laws, Emily is also involved in marijuana policy reform efforts at the federal level. By incorporating her knowledge of marijuana policy with her understanding of the legal and regulatory environment, Emily is able to anticipate and identify potential legal concerns ex-ante.





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