Jessica McElfresh, founder and principal of McElfresh Law, Inc. and Conference Chair for the 2024 INCBA Cannabis Law Institute, shares her perspectives on the upcoming Cannabis Law Institute event. While the event is primarily focused on cannabis law, it remains geared towards legal professionals. Key features include a panel discussion with former federal officials who will provide insights on rescheduling's impact on international transactions and enforcement strategies.
Jessica discusses the intricacies of cannabis licensing, emphasizing social equity and conventional licensing challenges. States like Illinois and New York exemplify the complexities of corruption, lottery systems, and delays in dispensary openings. Jessica highlighted these issues as focal points in annual panel discussions and mentioned that the upcoming conference will address license fairness, litigation actions, and the dormant commerce clause's impact on licensing.
We also cover the potential benefits of cannabis rescheduling, such as increased tax write-offs and enhanced research opportunities, amidst uncertainties surrounding federal policy changes and interstate transactions. Jessica emphasized the ongoing regulatory complexities and the contentious nature of state versus federal law conflicts.
We also discuss the removal of banking protections for the cannabis industry from a federal funding bill and new proposals from Democratic senators. They underscored the need for creative solutions to industry challenges, such as integrating legacy operators into the legal system and addressing the illicit market.