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.
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, entrepreneurs, investors, 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 Fisher is a partner in Goodwin’s Securities, White Collar and Business Litigation practice, and the firm’s Cannabis practice. She focuses her practice on litigation, including commercial litigation and white collar defense, and on cannabis law. Ms. Fisher has represented corporations and individuals involved in a broad range of complex and high stakes litigation, legislative and administrative proceedings.
Ms. Fisher provides advice on regulatory and compliance issues and counsels companies involved in government investigations and civil litigation. Her experience includes the defense of corporations and individuals in both criminal and civil matters, including those involving public corruption, health care fraud, antitrust offenses, RICO, false claims, government contract disputes, homeland security and customs enforcement, and financial services.
Ms. Fisher’s background in handling complex matters for companies in highly-regulated markets led to the development of her cannabis practice. She regularly advises cannabis operators, ancillary businesses and investors on regulatory compliance, licensing and disclosure obligations. Ms. Fisher also represents cannabis companies in litigation.
Prior to joining Goodwin in 2020, Ms. Fisher was a partner at Duane Morris, where she led the firm’s Cannabis Industry Group.
Interesting topic. Somewhat dated at this point, but a decent primer.
Great course! Very informative.
Great course. Particularly enjoyed the history lesson! Thank you.
Super helpful that the male instructor interrupted the female to explain that Guam has legalized adult use right after she explained that laws were “changing by the minute.” /s
Loved the history
Interesting focus on regulatory and social changes that led to a historic shift in the cannabis industry (I enjoyed the history lesson) and a comprehensive explanation of the resulting legal issues.
Most informative CLE so far. Nice history lesson too.
Very interesting, dynamic area of law and business.
This was overall a great presentation!
Look forward to an update
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.
The male speaker should be on radio.
Very good history lesson and regulatory overreview that puts he current state of the law in clear perspective!
Good overview of a growing area of law that both law practitioners & general citizens should be knowledgeable.
Very interesting and informative
Great overview. Great overview.
Good overview of new area of law.
Very knowledgeable presenters with the regulatory experience needed to understand not just the issues, but the likely trajectory of future regulatory and financial developments.
Early-stage topic that is difficult to cover. Presenters did a fine job!
Timely. Excellent presentation.