Nixon Peabody on Mondaq: United States: Ethical Issues For Attorneys Providing Services To The Cannabis Industry

Nixon Peabody on Mondaq: United States: Ethical Issues For Attorneys Providing Services To The Cannabis Industry

  United States: Ethical Issues For Attorneys Providing Services To The Cannabis Industry 16 March 2020 by Scott O’Connell Nixon Peabody It is estimated that the legal cannabis industry could reach $30 billion in sales and employ nearly half a million full-time workers by 2023. In one year, cannabis companies raised $13.8 billion in funding. Fueling that investment is the reality that a wide swath of industries is preparing for a future in the cannabis economy. Soft drink and alcohol manufacturers are considering future products using cannabis products. As Congress is considering legislation to provide banks with a safe harbor for providing services to those in the cannabis industry, other areas, from financial services to soft drink manufacturers, are actively assessing how the explosion of this new market will impact their products and services. Federalism and the current conflict between federal and state law As of October 16, 2019, 34 states have legalized the medical the use of marijuana. Thirteen additional states have legalized the medical use of low THC marijuana. Also, eleven states have legalized the recreational use of marijuana. Yet, it remains a federal criminal violation to possess, use, sell, or distribute it. This conflict between state and federal law on the legal status of marijuana creates special problems for attorneys who must comply with the applicable rules of professional responsibility. Model Rule of Professional Responsibility 1.2(d) states: A lawyer shall not counsel a client to engage, or assist a client, in conduct that the lawyer knows is criminal or fraudulent, but a lawyer may…

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Source : CANNANNEW REPORT
Link to original : Nixon Peabody on Mondaq: United States: Ethical Issues For Attorneys Providing Services To The Cannabis Industry
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