Confused about the Blockchain, Crypto Currency and Initial Coin Offerings are and what their application to legalized marijuana is?
The "Blockchain" is an immutable, decentralized ledger. Think of it as global, apend-only database in which each block incorporates prior block's content and authenticates, processes and tracks transactions. Because blockchain transactions are cryptographically entered, entries are protected from tampering or manipulation.
Crypto Currency is a "store of value" and "method of value exchange" often referred to as digital currencies, that is exchanged and tracked over a blockchain. Instead of storing value in legal tender, Crypto Currency's "currency" takes the form of "digital tokens" which are a string of numbers on a block chain likeprepaid gift card.
An Initial Coin Offering ("ICO") is a method of raising capital by selling Crypto Currency to investors in the form of "tokens" promoted as future functional units of currency when the ICO's funding goal is met and the project launches. While providing a means of avoiding regulatory compliance costs and intermediaries, such as venture capitalists, bank and stock exchanges, fewer than half of all ICOs survive 4 months after the offering.
Obtain understanding of legalized marijuana industry including both plant-touching and non plant touching aspects.
Grasp the basics of blockchain, cryptocurrencies, digital tokens, smart contracts and intial coin offerings.
Learn of certain offerings of, and instruments and products tied to, digital tokens.
Understand regulators’ evolving views of digital tokens and token sales.
Steve practices marijuana law through national cannabis law firm Hoban Law Group. With 12 offices and 30 lawyers, Hoban Law Group is only practice 100% devoted to cannabis and hemp law. Admitted to practice in Pennsylvania and New Jersey, Steve represents entities, governments and individuals in choosing a structure, preparing and submitting license application, regulation, compliance and litigation, and drafting legislation. A nationally recognized consumer finance litigation, banking law and cannabis law expert, Steve is a The Legal Intelligencer and Cannabis Business Executive columnist, frequent Pennsylvania Bar Institute and National Bar Institute author and lecturer and serves as a court appointed judge pro tempore and arbitrator. Steve serves on, and makes regular presentations to, Pennsylvania Credit Union Association, Bank Secrecy Act Compliance Group, Cannabis Professional Advancement Series, and Greenhouse Venture, LLC. Steve also serves on both Commonwealth of Pennsylvania 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 law clerk to a U.S. District Court judge for the Eastern District of Pennsylvania.
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