Vancouver, Kelowna, Delta, BC – January 28, 2022 (Investorideas.com Newswire) www.Investorideas.com, a global news source covering leading sectors including marijuana and hemp stocks and its potcast site, www.potcasts.ca release today’s podcast edition of cannabis news and stocks to watch plus insight from thought leaders and experts.
Listen to the podcast:
Investor Ideas Potcasts #622, Cannabis News and Stocks on the Move; Interview with Partner at Windels Marx Cannabis Law Practice Group
Today’s podcast overview/transcript:
Good afternoon and welcome to another episode of Investorideas.com “Potcast” featuring cannabis news, stocks to watch as well as insights from thought leaders and experts.
In today’s podcast Investorideas interviews Karl Frederic, Partner at Windels Marx Cannabis Law Practice Group, where we discussed cannabis legislation, with specific focus on New York and New Jersey where Frederic is based out of, as well as how he anticipates regulatory change evolving on both a state and federal level.
Frederic has an extensive background in law which eventually brought him into the cannabis space in 2015. “I’ve been practicing law for over 30 years, predominantly in real estate and urban redevelopment and construction and my practice focus has been in healthcare and on the pharmaceutical industry as well as consumer packaged goods. In 2014 I successfully completed an unrelated campaign related to family law reform. I worked on that project with a lobbyist named Michael Turner from Burton Trent LLC, he’s one of the top lobbyists in New Jersey. So we sat down and I said “Well look we accomplished the impossible in 2014, what are we going to do in 2015?” and he said “we’re going to work on legalizing cannabis”. So starting in 2015 I started studying the industry and talking with people and then Governor Murphy came along and said “I’m making this a legislative priority if I’m elected”. So Governor Murphy was elected, poll results came in around 8:00pm in the evening and by 8:30pm I had my plane tickets to go to MJBIZCon in Las Vegas. As an outgrowth of the lobbying efforts, Michale Turner and his team formed the New Jersey Cannabusiness Association to support the burgeoning industry and I became their first outside council. Through those efforts I was able to influence marijuana policy in New Jersey and do comparison and contrast with what worked and didn’t work in other jurisdictions.”
At Windels Marx. Frederic brings together disciplines in real estate, corporate, tax, governmental affairs, pharmaceutical new drug applications, intellectual property and related areas of law to provide applicants, licensees, developers, businesses and investors a practical understanding of the landscape so they can capitalize on cannabis industry opportunities.
Speaking about the current landscape of the New Jersey Cannabis industry and the competition between large scale MSO’s and smaller scale operations, Frederic commented, “this is really part of the tension in the industry when you have a robust medical program. Curaleaf and TerrAscend are already in New Jersey, TerrAscend has one of the largest grows in New Jersey to feed its Apothecarium brand of stores. They are precisely the groups that are looking to move to recreational sales. In the same token, and this is a parallel issue in New York, a lot of small operators are going for relatively limited licenses. We are prioritizing in New Jersey, social equity applicants but the issue is getting them financing and one cannot underestimate the amount it takes to start a serious medical cannabis operation. So what we are seeing from the small operators who are going after processing licenses and smaller cultivation licenses but the MSO’s are here and they’re not going anywhere.”
Frederic went on to discuss some of the taxation issues different states are facing, specifically California’s cultivation tax, as well as how other states have adjusted their licensing and taxation schemes to benefit their local cannabis industries.
“In the East Coast the lesson is being learned.” commented Frederic on how states like New York and New Jersey have adjusted their policies after seeing some of the issues that have arisen in states like California and Colorado.
Frederic went on to discuss the issues in almost all states with regards to the legal market competing with the “grey” or “legacy” market, commenting, “we’ve noted that there is a delay between decriminalization and legalization. We have decriminalized in New York and New Jersey, but there is this block of time where the “legacy” market or “grey” market has an opportunity to take a real foothold. Now in New Jersey I would argue that we are moving at a speed that would permit us to create a marketplace that will be able to successfully compete with the legacy market. New York being so far behind, has one of the largest, if not the largest, legacy markets in the country. That market will only build a more firm foothold and a larger clientele moving forward and the degree to which that legacy market can take a foothold becomes a potential challenge for building the legal market as has happened in California. It’s fascinating to see how this plays out.”
Frederic also discussed the social equity programs of New York and New Jersey in more detail, how this impacts the industry, how the advocacy for psychedelics is aiding education surrounding cannabis and plant medicines as well as how he sees legalization progressing and evolving on a state level and if/when we could see any movement on a federal level.
To find out more information about Karl Frederic and Wendels Marx click here.
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