Governor Kathy Hochul’s determined efforts to combat illegal cannabis operations in New York have gained even more momentum with a new multi-agency initiative authorized as part of the 2024 Budget. The State aims to curtail the sale of untested cannabis from unlicensed shops through comprehensive inspections and enforcement actions. Additionally, New York City Council’s unanimous passing of a new bill now prohibits landlords from knowingly leasing commercial spaces to stores selling unlicensed marijuana or tobacco products, further strengthening the crackdown on illicit cannabis sales.

Continue Reading Second-Hand Smoke: New York’s Crackdown on Illegal Cannabis Sales Extends to Landlords

Last week, several members of Seyfarth’s cannabis practice attended CannaVest West and the Cannabis Business Summit & Expo.  Industry expert panels discussed market trends, private equity, venture capital, family offices, and banking, as well as commercial real estate, which I had the opportunity to moderate.

Of interest to TBT readers, a few key takeaways from the event include:

Investment Opportunities
Continue Reading Cannabis Industry: The Latest Takeaways

Seyfarth Shaw LLP has released the results of its fourth annual Real Estate Market Sentiment Survey, which polled commercial real estate executives around the country from all sectors. Of interest to our readers, this year’s survey revealed that, despite the dramatic increase in the number of states legalizing marijuana, 85% of respondents are putting the brakes on investing in cannabis
Continue Reading Survey Says…

Twenty nine states plus the District of Columbia have legalized medical marijuana and eight of these states plus D.C. have legalized recreational marijuana.  Additional states are considering some form of legalized marijuana use.  This has created a new and growing demand for leasing industrial, agricultural and retail properties for growing, manufacturing and dispensing cannabis.  Given this growing demand for real estate, it is important to reflect on how many boilerplate provisions in commercial leases are not suited to covering a use that continuously puts state law at odds with federal law.
Continue Reading Don’t Get Smoked in Your Next Commercial Marijuana Lease