Mark Katzoff

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In our June 12 blog post, we reported on a potential acquisition in the cannabis industry: As an illustration of the potential difficulties in an acquisition by a SPAC, in July 2017 it was announced that the publisher of High Times was going to be acquired by a SPAC, Origo Acquisition Corp. The merger has yet to be consummated, and Origo has scheduled a stockholder meeting for June 12 looking for approval to extend the time…
A developing market for owners of cannabis businesses looking for a potential buyer are SPACs, special purpose acquisition companies.  SPACs raise money in public offerings with the purpose of acquiring companies, usually in a specified range of industries or located in a particular geographic area. The SPACs cannot have a particular target in mind at the time of the public offering.  Among some of the more recent SPACs with a cannabis industry focus, MTech Acquisition…
Transport of marijuana in states where it is legal to islands located within the state is complicated by the fact that transportation by air generally violates federal law.  Rule 91.19 of the Federal Aviation Regulations (14 CFR 91.19) generally prohibits civil aircraft from knowingly transporting marijuana and other types of illicit drugs within the US.  The prohibition initially applied to flights between US and Mexico but was subsequently amended to include flights solely…
  On August 16, in the case of United States v. McIntosh[1], the U.S. Court of Appeals for the 9th Circuit, reversed decisions from the District Court for the Northern District of California denying the appellants’ request for  relief against the Department of Justice (the “DOJ”) in connection with indictments brought against them for violation of the Controlled Substances Act.  The Court held that the appellants had standing to seek relief under a…