Creating a Thriving Medical Marijuana or Ancillary Business in Florida
The law offices of L. Gregory Loomar, PA, represents entrepreneurs and businesses that are seeking to enter the business market or currently operate businesses in the medical and recreational marijuana industry. L. Gregory Loomar, PA, assists clients involved in all levels of the legal cannabis industry, and in the ancillary business markets, including growers, processors, retailers, investors and all types of related businesses that support the product operators.
New Law Legalizes Marijuana in Florida
On Nov. 8, 2016, residents voted to legalize medical marijuana in Florida, making it the 26th state to legalize the drug widely. As an entrepreneur, you are now free to start up a business to take advantage of this new market or add to an existing business to manufacture, sell or distribute medical marijuana products legally.
In the past, as a result of 2014 legislation, only a small group of patients qualified for using a low-THC, high-CBD form of the drug as treatment for specific illnesses and under limited conditions. The new law passed in 2016 expands the types of patients who will qualify to receive and use the drug as a form of medication. Medical marijuana is used to treat or reduce symptoms of many serious illnesses such as cancer, Alzheimer’s, dementia, post-traumatic stress disorder (PTSD), glaucoma, epilepsy, AIDS, HIV, Crohn’s disease, chronic back pain and more. Now a much larger base of approximately 450,000 patients will be able to benefit from the healing effects of medical marijuana.
What’s Involved in a Successful Marijuana Business?
Navigating the intricacies of state, local and municipal regulations is enough to stop even the most seasoned entrepreneurs in their tracks. On top of that, factor in real estate, banking, merchant processing, insurance, transport, security and compliance, before you even get to traditional marketing, inventory control, customer service, employee recruiting, training and retention, and the entrepreneur undertaking a business startup faces a daunting task. Currently, the disparity between federal and state legislation presents challenges for businesses that must remain 100 percent compliant with all rules and regulations at every level of operation.
L. Gregory Loomar, PA, in Fort Lauderdale, Florida, is ready to assist you. Since 2013, through our medical marijuana business center, we’ve helped people start medical marijuana and ancillary businesses. We can help you work through all of the regulations and optimize your business operations. We help people and new businesses to be more efficient and successful in their endeavors. Call us to discuss your business law needs at 561-431-9944 or toll free at 888-351-1836.
A Growing Market for Your Business Interests
The legal cannabis business sector recorded in excess of $6.6 billion in sales for 2016 and is expecting sales to top $20 billion in 2020. This continued double-digit growth is promising a sector ripe for new businesses to be started, but not without unique issues, and the barrier of entry into the cannabis market space is extremely high. In addition to the typical obstacles any new business usually encounters, a whole additional set of hurdles must be surmounted.
Services We Offer to Business Clients
With over 27 years of experience, we assist clients through the entire process of starting and operating a legal medical, cannabis or ancillary business in any of the states that have legalized those business activities. We also focus on viable options available to your business concerning the emerging medical cannabis market sector.
We provide our clients with a blueprint for success, which includes the necessary legal planning and business strategy involved. This starts with corporate legal planning that includes entity formation and structuring as well as licensing assistance. The process then progresses to regulatory support, compliance, intellectual property, internet technology, trade marking and branding protection. We also assist in exit strategy planning.
The following include just some of the services we offer:
- Forming the correct business entity and preparation of the necessary shareholder, partnership, operating, employment and noncompetition agreements
- Preparation and review of applications for licensing, permits and registrations necessary for business operations
- Business plan creation and document preparation
- Financial negotiations, including banking, installment loans, lines of credit and equity funding
- Employee and operational handbook creation
- Site selection, real estate/lease negotiation
- Zoning approval and variances
- Compliance program; maintenance of governmental and regulatory licenses and approvals
- General ongoing business advisory support to our clients to ensure their long-term success
We provide comprehensive business strategy and advisory support. Our process commences with a full evaluation of our clients’ goals and taking into consideration our clients’ particular needs and goals. We analyze business objectives, the business team, existing processes and tools, and considerations of current and future financing.
Begin the Process Today
Call our offices today to discuss your business law issues with an attorney who is experienced at working with medical marijuana legislation at 561-431-9944 or toll free at 888-351-1836. You can also reach our lawyer through our online contact form.