David N. Feldman is a partner in the global law firm of Duane Morris LLP. His law practice focuses on corporate and securities matters and general representation of public and private companies, investment banks, private equity firms and high net worth individuals. He also actively advises on mergers and acquisitions and private equity, debt, venture capital and other financings.

Which States Will Legalize Cannabis in 2018?

As we get ready to stick a fork in 2017, the speculation has begun as to which US states might consider legalizing full adult use of cannabis next year. Many are betting on these five: Arizona, Florida, Michigan, Missouri and Nebraska. And of course New Jersey is expected to legalize adult use under new Governor-elect

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Sessions Hints at Broader Cannabis Enforcement

According to The Fresh Toast, US Attorney General Jeff Sessions is now hinting at expanding enforcement of federal cannabis laws. The report indicates that, at a news conference today, Sessions said they are looking “very hard right now” at possible changes to the Cole Memo. That 2013 memo adopted a policy to de-emphasize enforcement activities against

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Regulation A+ Offerings Have Raised Over $600 Million

Today, Sebastian Abero, the head of the SEC’s Office of Small Business Policy, had some very positive news for those interested in the new Regulation A+. He revealed that, since the Reg A+ rules were adopted by the SEC in June 2015, through September 2017, there have been 69 completed Reg A+ offerings raising a

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Sessions Reconfirms Status of Cole Memo

The entire cannabis industry descended on Las Vegas this week for the MJBiz conference where over 18,000 professionals gathered. While we were there, US Attorney General Jeff Sessions made some news during a Congressional grilling focused more on his involvement with Russian players. Many have worried that Sessions intends to change or eliminate the Cole

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NY Adds PTSD to Medical Cannabis Conditions

New York Gov. Andrew Cuomo yesterday signed a bill into law permitting those suffering from post-traumatic stress disorder (PTSD) to access legal medical cannabis. It was particularly symbolic that the bill was signed on Veterans’ Day, since many battle-scarred veterans suffer from PTSD. Most states with medical cannabis permit its use to treat PTSD. New

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Flash: SEC Chair Clayton Comments on ICOs

At today’s Practising Law Institute’s Annual Institute on Securities Regulation, SEC Chairman Jay Clayton commented, among other things, on initial coin offerings, or ICOs. As we know, this year alone billions of dollars have been raised in ICOs, where cryptocurrency in the form of a “token” or coin is sold to investors to raise money

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Nasdaq Decides to Get Small

In a HUGE announcement last week, Nasdaq, Inc., the parent company of the various stock exchanges bearing that name, decided the exchanges should no longer be called NASDAQ. Instead they are “re-branding” as just plain Nasdaq, ie initial cap then lower case. Why? Well, the name had been upper case because it stood for the

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Cannabis Deal Sizes “Growing”

Two big announcements this week on the finance side of the emerging global cannabis industry. First, yesterday’s word that the giant alcohol company, Constellation Brands, the maker of Corona Beer among others, is acquiring a stake in Canada’s Canopy Growth Corporation. Canopy is possibly the biggest medical cannabis producer in Canada and is a public

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Remembering (the Second) Black Monday

Thirty years ago today, October 19, 1987, the Dow Jones Industrial Average crashed with a whopping 22.6% decline in prices, the second biggest one day drop in the market (the biggest was in 1914). I was a young lawyer working at a large law firm at the time. Young enough that I had no real

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SEC Proposes Disclosure Simplification

A week ago, the Securities and Exchange Commission, as required by the Fixing America’s Surface Transportation (FAST) Act, released a proposal to simplify and modernize Regulation S-K, which governs most public company disclosure. None of the proposals individually is that huge, but as a group they could noticeably ease the compliance burden. It includes things

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