If you are interested in going into the cannabis industry, one of the most important steps you must take is choosing the right attorney to help you get your business licensed and operational. Your lawyer can help you navigate the process and protect you from potential legal obstacles.
The following are 9 reasons why hiring a competent and well-connected lawyer should be the very FIRST thing you should do:
A lawyer has a fiduciary responsibility to not rip you off. In an industry loaded with “consultants” who have no duty and no professional license to lose, this fiduciary responsibility cannot be overstated.
Avoiding Legal Pitfalls
There are serious legal pitfalls in this highly regulated agribusiness industry that you need to avoid. From zoning and cannabis permitting to distribution, an attorney can best recognize these pitfalls and guide you in the right direction.
Get an Edge on the Competition
A good understanding and proper use of legal research tools will help you use the regulation as an edge over your competition. You can spend less time trying to figure out the legal details and more time making your business stand out.
A good lawyer will have solid contacts with other excellent service professionals. They will know exactly who you need to reach out to in order to help your business flourish.
Reviewing Agreements and Contracts
You will need help negotiating agreements and reviewing contracts. As a business owner, there is plenty else for you to worry about than the finer issues in agreements and contracts.
You should NOT write your own contracts unless you already know the caselaw of Implied Warranties of Merchantability and Fitness for Purpose in your jurisdiction. An attorney will already understand this caselaw and can help you create a binding, legally compliant contract.
You absolutely need escrow for transactions.
You need business – maybe even crop – insurance. Unless you already read the “fine print” in your insurance policies, you need a lawyer to do that.
Every business must have cash, access to financial services or both. A good lawyer will have raised money before and will know how private equity works in ‘real-life’ situations where mistakes cannot be afforded.
Reach Out to Virginia Cannabis Lawyers™
From zoning laws and permits to sales and investments, Virginia Cannabis Lawyers™ understands the challenges cannabis companies face when entering the industry. With more than two decades of legal experience, Attorney Tyson Daniel has provided legal advice to retailers, wholesalers, processers, farmers, landowners, and brokers alike.
If you are interested in hiring a cannabis business lawyer in Virginia, contact us today at (540) 920-1700 and schedule a consultation. Let our firm handle all the legal matters while you focus on growing your business.