*The presenters will be available for live Q&A during this webcast.*
Cannabis licenses are location specific, and every state agency governing the issuance of cannabis licenses requires applicants to demonstrate “site control”, typically in the form of a lease, deed, or enforceable option to purchase. As a result, prospective cannabis business operators often face a funding conundrum - it is frequently difficult to fund a business without a license, but one cannot obtain a license without real estate, which requires some funding. Whether to purchase or lease real estate becomes a critical decision for any operator. The Company’s ability to secure Real Estate – a hard asset -- against financing must be carefully balanced against maintaining sufficient liquidity to sustain operations.
This program, presented by Katy Young, Managing Partner of Ad Astra Law Group, LLP, President of the International Cannabis Bar Association, and Lauren Rudick, co-founder of Hiller P.C.’s Cannabis Practice, will provide examples of creative solutions to resolving these threshold real estate focused application requirements. The discussion will cover how to “cannabis-ize” a traditional lease by including, among other things: an explicit permitted use and applicable regulations; ensuring compliance with state (not federal) law; subjecting landlord rights of reentry and possession to regulatory requirements, building in flexibility to comply with regulatory requirements regarding, among other things, garbage disposal, signage, parking, lighting, ADA compliance, and heightened tenant diligence requirements, as well as reviewing site control within the context of an operator’s short and long-term financing strategy.
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