What You Need to Know When Buying a Cannabis Business, Part 3: Hiring Your Lawyer
Buying a cannabis business does not occur in a matter of days, and transactions fall apart for a variety of reasons, as we discussed in Part 1 of this blog series focused on the buy-side of a cannabis M&A transaction. In Part 2, we focused on the regulatory environment, discussing concepts that first-time buyers and their attorneys should be aware of. In this Part 3, we look into things to consider when hiring your cannabis attorney.
Why Hire an Attorney?
In my time representing clients in the cannabis industry, I have learned that cannabis company owners can be, on balance, less willing to engage attorneys to help them with their work than clients in other industries like our international practice. I am not sure whether that is because of the relative “simplicity” compared to international transactions or whether cannabis owners generally distrust lawyers or do not see the value in us. The last reason is often why clients who have been burned once in a business deal make great clients: they know what problems their attorneys can help them avoid and they can put a price tag on that value.
In a transaction, sellers are generally less willing to hire