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With the number of states that have recently approved initiatives for legalized recreational use of marijuana, and the laws passed in other states permitting the medical/medicinal use of marijuana, producers and retailers of marijuana are quickly growing. Accounting professionals and CPAs serving marijuana businesses are tasked with navigating the often ambiguous and sometimes contrarian state and federal legal information that affect this, albeit growing, niche.
In light of the ease of forming a corporation or limited liability company (“LLC”) in Colorado, most cannabis entrepreneurs elect to conduct their business via a corporation or LLC. Another option is to form a partnership. In practice relatively few cannabis businesses or organized as partnerships due to the potential for enhanced liability of a general partner.
Additional considerations for clients, who are encouraged to work closely with attorneys and accountants when incorporating, include the importance of following corporate formalities, organizational document drafting (and potential pitfalls), raising capital, avoidance of undisclosed ownership interests, consequences of violations, IRS Code Section 280E and income tax deductions, etc.
2019 National Law Journal “Finance, Banking, & Capital Markets Trailblazer” award winner Steve Schain represents entities, governments, and individuals in litigation, regulation, compliance, loan drafting, licensing applications, and entity formation. A nationally recognized financial services, consumer finance litigation, banking law, and cannabis law expert, Steve is a The Legal Intelligencer, New Jersey Law Journal, and Cannabis Business Executive columnist and serves as a court-appointed judge pro tempore and arbitrator.
Steve is also an Adjunct Faculty Member, and teaches “Cannabis Law” at Stockton University, one of only five universities offering a minor in Cannabis Studies. Steve serves on and makes regular presentations to National Cannabis Industry Association, International Cannabis Bar Association, Pennsylvania Credit Union Association, Bank Secrecy Act Compliance Group, and Marijuana Business Daily. Steve also serves on both Commonwealth of Pennsylvania, Washington State, Utah, and Philadelphia County administrative committees charged with drafting and revising state and local cannabis-related regulations.
Steve earned his B.A. degree from Pennsylvania State University and his J.D. degree from the University of Pittsburgh School of Law, where he served as an editor of the Law Review and graduated with honors. Before entering private practice, Steve served as a law clerk to a U.S. District Court judge for the Eastern District of Pennsylvania.
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The HLG family of attorneys are industry pioneers responsible for developing legal strategies and advancing litigation in critical areas that have contributed to the growth of this nascent industry. This is a global industry and HLG embodies international professionalism. Their team of experts are fluent in numerous languages, including Portuguese, Spanish, Polish, Dutch, and German.
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