The legalization of cannabis created a significant impact on how industries interact. There are a lot of changes starting today, especially on the legal field. As a general impact, many criminal lawyers saw a decrease in clients since the legalization of cannabis. However, despite this decrease, many big-time corporate law firms are seeing an opportunity for their firms to boom as a result of the legalization.
Today, business is booming for many corporate law firms which is a surprise for many practicing lawyers. The surprise stems from the fact that cannabis and the legal field don’t seem to match at all. But with the legalization of cannabis, it is as if these two worlds brought to industries together to create a significant economic impact. Many industries have become creative in formulating strategies to involve cannabis, and the legal field is no different.
To help prospective clients from the cannabis industry, many corporate law firms began initiatives of understanding what the industry is. Although firms have a long way to go because of the lack of precedence, many firms are slowly introducing new research areas and topics to work with. Moreover, the legalization of cannabis encouraged many firms to help old clients in understanding the implications of cannabis in their respective industries.
One of the significant changes which firms have realized is how taxing, branding, and compliance need to be re-learned to put safeguards on recreational cannabis. Most importantly, cannabis law is also being introduced as part of various university curricula. The integration seeks to provide the legal industry with a better understanding of how future practicing lawyers can address multiple issues, and the like.
The push to provide cannabis education resulted from many foreseeable opportunities which many firms can enter and be involved in, especially in high-profile transactions. Even before cannabis was legalized, many firms have already taken the initiative of preparing its traditional clients for the significant shift. The legalization of cannabis is a game changer considering how many industries must work together. Since this is a first for Canada, there is still no precedence which can help firms and clients in dealing with various matters.
Cannabis didn’t just change the law, but it surprised the people when the first and only marijuana IPO was listed on a major US Stock exchange. It had many heads turning, but this is just the first step in bridging Cannabis to the society and eliminating several misconceptions. It shouldn’t come as a surprise that there are a lot of investors lining up for cannabis.
