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Out of the Shadows - Cannabis Going Mainstream

Blog Post
November 21, 2023

 

The following text is an excerpt from the Akron Beacon Journal, published on November 17, 2023: 

Stephen Lenn of Akron law firm Brennan Manna Diamond discusses business opportunities for people investing or operating in Ohio's marijuana market.

Read the full article here (content may require a paid subscription).

The discussion was also broadcast on NPR's WKSU on November 23, 2023. Read their comments here.

See the full transcript of Steve's remarks here.

Cannabis industryCannabis LawStephen A. LennAkron Roundtable
Blog Post

BMD’s Jason Butterworth Quietly Engineers Some of Akron’s Most Impactful Projects

May 18, 2022Jason Butterworth, a team member of BMD’s Business & Corporate practice, focuses his practice on finance, real estate, and tax credit law.Client Alert, Blog Post

Explosive Growth in Pot of Gold Opportunity for Bank (and Other) Cannabis Lenders Driving Erosion of the Barriers

May 13, 2022Our original article on bank lending to the cannabis industry anticipated that the convergence of interest between banks and the cannabis industry would draw more and larger banks to the industry. Banks were awash in liquidity with limited deployment options, while bankable cannabis businesses had rapidly growing needs for more and lower cost credit. Since then, the pot of gold opportunity for banks to lend into the cannabis industry has grown exponentially due to a combination of market constraints on equity causing a dramatic shift to debt and the ever-increasing capital needs of one of the country’s fastest growing industries. At the same time, hurdles to entry of new banks are being systematically cleared as the yellow brick road to the cannabis industry’s access to the financial markets is being paved, brick by brick, by the progressively increasing number and size of banks that are now entering the market.Blog Post

Celebration of Asian American and Pacific Islander Heritage Month

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Fluresh Cannabis’ Bank Loan: Moving Into the Mainstream

April 18, 2022The announcement by Fluresh, a vertically integrated Michigan based cannabis business, of the closing of loans from a federally insured commercial bank totaling almost $50 million represents an important landmark for both Fluresh and the cannabis industry writ large. For Fluresh, perhaps as important as the bottom-line benefits of lower cost financing, the fact that its operations and financials passed muster with a substantial commercial bank can be regarded as an important rite of passage. For the industry, it reflects its inexorable movement out of the shadows and into the mainstream. This substantiates the view that, whether or not any of pending the federal legislation is enacted, bank lending to the cannabis industry will continue to accelerate.Blog Post

Out of the Shadows | An Investor Summit Recap

February 9, 2022After a COVID hiatus of more than 2 years, I rejoined the institutional cannabis investment speaker circuit, offering the closing remarks at the Kahner Global Cannabis Private Investment Summit in Coral Gables, Florida. My remarks addressed how banking developments are increasingly impacting cannabis investment, operating and financial strategies and decisions, for both plant touching and the growing array of ancillary businesses serving the industry.
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