Tips on Having a Successful Cannabis Business From Attorney Charles X Gormally
It is expected that New Jersey will soon take off as a leader in cannabis sales and that the industry will begin to grow in the Garden State. However, the cannabis industry will be complicated because it is still classified as a Schedule 1 controlled substance. Because of this classification, it can be difficult and expensive to find bank financing, according to attorney Charles X Gormally.
Not only can banks be a barrier to the cannabis industry, but local laws that ban cannabis facilities in town are another obstacle since it can be a challenge for businesses to find a place to open their business.
“When counseling clients interested in the cannabis space, we emphasize the importance of forming relationships with reliable support team members,” said Charles X Gormally, co-chair of cannabis law practice Brach Eichler LLC.
Charles X Gormally said that a successful cannabis business participant must ensure they make strong, professional relationships. Having this network is key to having a successful cannabis business. Relationships should be formed across a wide range of specialties, including accounting, taxation, real estate, land use, banking, environmental law, medical research, and security. These relationships will prove invaluable to beginning a cannabis business in New Jersey and sustaining it, as well as to “have access to the expertise necessary to produce and process cannabis products,” according to Charles X Gormally.
The Cannabis Practice Group works as a team to equip the client with a broad range of required legal services while assisting the clients in formalizing its professional relationships with partners, vendors, and suppliers.
“The overarching goal of the Group is to position clients for success by assuring that the client will be compliant with all of the requirements of state law while keeping the client cognizant that conducting business in this area currently remains a violation of federal law,” Charles X Gormally said.
For additional information about Brach Eichler’s Cannabis Law Practice, contact Charles X Gormally, member co-chair, at (973) 403-3111.
Since its founding in 1967, Brach Eichler’s Cannabis Law Practice has been a trusted, practice that establishes personal relationships with its clients, rendering advice that is business-savvy and creative, yet practical. Charles X Gormally is the Chair of the Litigation Practice Group and a member of the firm’s Employment Services Practice Group. The New Jersey Supreme Court has acknowledged his commitment as a trial attorney by designating him as a Certified Civil Trial Attorney.