The prospective federal reclassification of marijuana to Schedule III status, as reported by The American Lawyer, has major law firms looking into expanding their ties with cannabis clients. These clients, till now, have not been afforded the same fiscal advantages and bankruptcy protectors as seen in other sectors.
This proposition comes despite the fact that the budding cannabis industry has been hindered by traditional banking reticence and a federal tax code that bars expense deductions widely available in most other sectors.
Seth Goldberg, co-chair of the cannabis industry group at Duane Morris, noted that as the cannabis market begins to show improved performance, the demand for services across the firm’s entire platform should see a noticeable increase.