On Demand Audio

Legal & Financial Regulations on the Cannabis Industry

(527 reviews)

Produced on April 05, 2019

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Course Information

Time 61 minutes
Difficulty Intermediate

Course Description

This program, taught by David Feldman and Jen Fisher, partners and Team Leads of the Cannabis Industry Group at Duane Morris LLP in New York and San Francisco, provides an overview of financing for cannabis-related businesses and the unique banking issues they face, as well as the industry’s regulatory environment (both current and anticipated). The course will begin with a brief overview of cannabis regulation, the interplay between state and federal law, and industry perceptions about what changes may come about at the federal level following the 2018 elections. The program will then address the unique issues in raising capital for these companies, including the differences between businesses that “touch the plant” and those that do not, and review the challenges faced by public companies in the space.

Mr. Feldman will address banking regulatory issues, including the Bank Secrecy Act, guidance on the issue from The Financial Crimes Enforcement Network (FinCEN) of the US Treasury Department, and how banks are reacting to that guidance, and Ms. Fisher then will focus on the broader regulatory and enforcement issues that cannabis companies must address at both the state and federal level. State regulations are evolving and vary widely from state to state, and federal enforcement attitudes shift from year to year. Ms. Fisher will also review the impact of the recently passed Farm Bill, which legalized industrial hemp and hemp-derived cannabidiol (CBD), including how these substances will be regulated going forward.

Learning Objectives:

  1. Review the current statutory and regulatory landscape
  2. Explore the challenges of financing, banking and state and federal regulation in a rapidly growing but complex industry
  3. Advise cannabis clients on finance, banking, and regulatory questions

Credit Information

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David N. Feldman concentrates his practice on corporate and securities law and mergers and acquisitions, as well as general representation of public and private companies, entrepreneursinvestors, and private equity and venture capital firms. Mr. Feldman also advises emerging growth companies with regard to alternatives to traditional financing through initial public offerings. He is also considered an authority on public offerings through the recently implemented SEC Regulation A+. Mr. Feldman also represents investors, social media sites, public and private issuers and applicants for grow and dispensary licenses in the emerging cannabis industry.

Mr. Feldman has authored four books on finance and entrepreneurship, and contributed to three other books. His latest book, Regulation A+ and Other Alternatives to a Traditional IPO (John Wiley & Sons), was published in March 2018. His popular blog at http://www.davidfeldmanblog.com/, focusing on entrepreneurship and the regulatory environment, has been recognized by LexisNexis as a Top 25 corporate law blog, and his videos appear on his YouTube channel, The Entrepreneur’s Advocate. He also pens a monthly column on cannabis regulation for Honeysuckle magazine.

Mr. Feldman is a graduate of the University of Pennsylvania Law School, and of the Wharton School of the University of Pennsylvania. He has served as chair of the board of Wharton’s global alumni association. Mr. Feldman discusses his practice in this featured video

Mr. Feldman discusses the Duane Morris Cannabis Industry Group in a video from Cannabrunch 2018.

Jennifer Briggs Fisher

Duane Morris

Jennifer Briggs Fisher (“Jen”) is an experienced litigator and focuses her practice on representing businesses and corporate executives in highly-regulated industries. She provides advice on regulatory and compliance issues and has represented corporations and individuals involved in a broad range of complex and high stakes civil, criminal, legislative, and administrative proceedings. She also serves as a team lead for the Duane Morris Cannabis industry group.

Jen has experience working with clients to successfully resolve both criminal and civil matters, including those involving software implementation, RICO, trade secretsantitrust offenses, tax liability, environmental violations, health care regulations, government contracts and false claims, homeland security and customs enforcement, and food and drug regulations. Jen is recognized as one of Northern California’s Super Lawyers in the area of white-collar criminal defense.

Jen’s background in handling complex matters for companies in highly-regulated markets led to the development of her cannabis practice. Jen regularly works with cannabis companies and ancillary businesses in California to provide compliance advice and solve business problems. She leads the firm’s multidisciplinary cannabis practice, which is comprised of lawyers across the country who are familiar with the industry and have expertise in a wide array of issues attendant to legal cannabis and hemp business activities, including licensing for cultivation, manufacturing, distribution and retail; litigation; banking and finance; raising and deploying capital; protecting intellectual property; real estate development and leasing; public company representation and SEC filings; land use and zoning; healthcare and research; and taxation.

Jen has been recognized for outstanding pro bono service by the United States District Court for the Northern District of California and the Bar Association of San Francisco Volunteer Legal Services Program. Her pro bono practice includes representation of indigent defendants in litigation, advocating for federal prisoners petitioning for clemency, and serving as co-counsel for the Innocence Project as amicus curiae in cases challenging wrongful convictions.

Before becoming a lawyer, Jen was involved in politics and legislative policy-making at the federal level. She worked on Capitol Hill for Congressman Adam Schiff as a Legislative Assistant and was the Deputy Finance Director for Congressman Schiff's first campaign for Congress in 2000. While in Washington, D.C., Jen also worked in the office of Congresswoman Ellen Tauscher.

Ms. Fisher is a graduate of Boston College Law School and a magna cum laude graduate of Boston College. During law school, Ms. Fisher studied at King's College London and worked for a British law reform and human rights organization.


James Q.

Very interesting, dynamic area of law and business.

Heena K.

This was overall a great presentation!

Stan H.

Look forward to an update

Joel M.

Good program.

Sean Paul O.

Jen Fisher did a great job of providing some densely-packed and timely information. David Feldman did as well, with the added benefit of a discussion of emerging cannabis industry corporate structures and investment strategy.

James D.

Interesting course!

susan c.

great course!

Grant C.

The male speaker should be on radio.

Mattie A.


Rafael G.

Very good history lesson and regulatory overreview that puts he current state of the law in clear perspective!

Anna Hui T.

Good overview of a growing area of law that both law practitioners & general citizens should be knowledgeable.

Andrew P.

Very interesting and informative

Joseph R.

Great overview. Great overview.

Robert C.

Good overview of new area of law.

Joseph T.

Very knowledgeable presenters with the regulatory experience needed to understand not just the issues, but the likely trajectory of future regulatory and financial developments.

James E H.

Early-stage topic that is difficult to cover. Presenters did a fine job!

Robert K.

excellent presentation

J Thomas S.

Timely. Excellent presentation.

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