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Marc D. Hauser of Reed Smith. Marc D. Hauser of Reed Smith.

The past two years have been a whirlwind for cannabis companies looking to raise capital, going from boom, reaching stratospheric heights, to bust, leaving the industry cash-strapped well before the onset of the coronavirus pandemic. This cycle is the direct result of the myriad of federal, state and local regulatory challenges to doing business and attracting investment in the state-legal cannabis industry. (For purposes of this article, “cannabis” does not include industrial hemp (Cannabis Sativa L. with not more than 0.3% THC)—with industrial hemp no longer a federal controlled substance, most of these issues no longer apply).

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