On behalf of Kadish & Anthony Law Group posted in Closely Held Businesses on Monday, June 8, 2015.
If you ever wondered where the San Francisco 49ers got their nickname, it is based on the gold rush of 1849 the eventually led to California being admitted into the Union (as part of the United States).
According to a Forbes.com article, there is a similar rush that is about to take hold in the U.S. Basically, a bill is being considered in Congress that would allow major financial institutions to provide services to companies that work in the legalized marijuana trade. Also, the fact that 23 states allow some sort of marijuana use makes it ripe for businesses that provide products or services to the industry.
Further, a number of states will have initiatives on their state ballots within the next few years (California and Oregon being a few) where voters will decide if recreational use will be legalized.
With this climate of change, there are a plethora of opportunities for entrepreneurs. Hence the “Green Rush” that is taking America by storm. Not only are there opportunities for companies that provide smokeless vaporizers, those that provide t-shirts, advertising services and even “bud and breakfast” resorts could be cashing in.
With these opportunities, it is important for emerging companies to have contracts that are clear and definite when it comes to detailing their rights, responsibilities and ownership interests. Contracts that have these characteristics are important so that the parties to them understand their respective rights and duties, but they are essential in maintaining harmony between companies.
One can only guess when Congress will act on the bill, but the green opportunities continue to grow.