Mark has been named one of City & State New York’s 2024 40 Under 40 rising stars in New York State politics—a well-deserved recognition for an attorney who seamlessly blends his legal acumen with a deep passion for business and community development. From a young age, Mark’s entrepreneurial spirit was evident, and it was his …
LATEST NEWS
CANNABIS REGULATORS SUED FOR FINANCIALLY SUPPORTING DISPENSARIES
On July 29, 2024, members of the Cannabis Impact Prevention Coalition and the Cannabis Industry Victims Seeking Justice group, as well as New York taxpayers, (collectively, “Petitioners”) filed a lawsuit against the New York State Office of Cannabis Management, among other regulators (collectively, the “NYS Cannabis Agencies”), challenging the legality of New York’s utilization of …
United States Supreme Court Overturns Chevron
On June 28, 2024, the Supreme Court of the United States delivered its decision on Loper Bright Enterprises v. Raimondo, overturning the long-standing Chevron deference doctrine established by the Court’s decision in Chevron U.S.A. v. Natural Resources Defense Council Inc. et al, 467 U.S. 837 (1984). The Chevron doctrine allowed agencies to create law in …
New SBA 7(a) Working Capital Pilot Program
The U.S. Small Business Administration (SBA) announced its plan to launch the 7(a) Working Capital Pilot (“WCP”) Program. The WCP will offer a newly structured line of credit made by 7(a) lenders and backed by the SBA, which is designed to give greater flexibility to lenders compared to a traditional term loan. The program aims …
Albany Opts into Good Cause Eviction Law
On April 20, 2024, New York State enacted the Good Cause Eviction Law (the “GC Law”), and though initially limited to New York City, other municipalities can opt-in. On June 3, 2024, the City of Albany Common Council voted to opt-in to the GC Law, and now a public hearing must be scheduled before the …
The CAURD Program Has Been Challenged Again
On May 9, 2024, multiple adult-use cannabis retail dispensary license applicants (“Petitioners”) filed a lawsuit against the New York State Cannabis Control Board and the New York State Office of Cannabis Management (collectively, the “NYS Cannabis Agency”), challenging the legality of the Conditional Adult Use Retail Dispensary Program (“CAURD”). The Petitioners argue that the CAURD …
DOJ RECOMMENDS REMOVING MARIJUANA AS A SCHEDULE I DRUG
On May 1, 2024, the United States Department of Justice (“DOJ”) recommended rescheduling marijuana from a Schedule I to a Schedule III drug. As a Schedule III drug, marijuana related businesses would be eligible to steep tax cuts because such business would no longer be subject to Section 280E of the Internal Revenue Code, which …
FTC Bans Employer-Employee Non-Competes
On April 24, 2024, the Federal Trade Commission (“FTC”) enacted a nationwide ban on non-compete agreements. The potential consequences of the FTC’s decision could be concerning to employers as non-compete agreements have traditionally been viewed as a means of the employer’s protecting sensitive information and preventing employees from transferring proprietary knowledge to competitors. This new …
First Citizens Bank Enters the Cannabis Market
On January 12, 2024, First Citizens Bank published an article on its website, affirming its commitment to being a “hemp-and cannabis-friendly bank”[1], as they broadened their scope from exclusively hemp/CBD to encompass the wider cannabis market.[2] Accordingly, First Citizens Bank has emerged as the largest financial institution to actively engage with the cannabis industry.[3] This …
New York Implements Beneficial Ownership Reporting Requirements for LLC’s
In December 2023, New York Governor Kathy Hochul signed the New York Limited Liability Company Transparency Act into law. The New York Limited Liability Company Transparency Act is modeled after the Federal Corporate Transparency Act, which took effect on January 1st of this year. The Act will require New York LLCs to file a Beneficial …