Update on Securities Litigation Against Cannabis Companies
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Cannabis
The legal cannabis industry is expanding rapidly worldwide. In North America alone, the industry is expected to grow from $9.2 billion in sales in 2017 to over $47 billion within ten years.
In the United States, cannabis is legal under state law for medical use in 33 states plus the District of Columbia, and for general adult recreational use in 11 states and the District of Columbia. But, at present, cannabis remains illegal under federal law. The tension, indeed the outright conflict, between state and federal law regarding marijuana creates both opportunities and risks for current and prospective operators and investors in the cannabis industry.
The Goodwin team has deep knowledge of the cannabis industry and understands the business and legal nuances that make it unique. Comprised of a cross-disciplinary group of lawyers, Goodwin’s Cannabis team covers the full spectrum of legal services needed by participants in the industry, including finding and developing investment opportunities, obtaining funding, structuring of transactions, M&A, protection of intellectual property, privacy and cybersecurity, handling of government and regulatory investigations, advising clients regarding risks arising under federal law, and vigorous representation in all forms of litigation, all services subject to the firm’s obligations under federal law. As trusted advisors to our clients, we understand that as the legal environment evolves and the cannabis industry grows, the industry’s business needs will change. It is our priority to understand our clients’ business goals and to provide them with best-in-class service as this industry continues to grow and evolve.
Publications
News
Daily Journal Top Intellectual Property Lawyers 2021 Recognizes Neel Chatterjee and Brett Schuman
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Mercer Park Brand Acquisition Corp. And Glass House Group Announce $567 Million Business Combination
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Goodwin Advises in Billion-Dollar Cannabis SPAC Deal (Reuters)
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Dutchie Raises $200 Million, Now Valued At $1.7 Billion
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Contacts
Meet the Team
Related Practices
FDA
Companies regulated by the Food and Drug Administration (FDA) know that expertise and practical advice are critical to the bottom line. Goodwin’s experienced FDA practice, a key component of the firm’s Technology & Life Sciences team, provides strategic counseling and skillful advocacy to companies subject to the Federal Food, Drug, and Cosmetic Act, the Public Health Service Act, and related federal and state laws.
Administrative Law and FDA Litigation
Pharmaceutical companies need experienced counsel to protect their regulatory interests. Goodwin’s Administrative Law and FDA Litigation practice provides counsel, representation and strategic advice that covers all aspects of our clients’ interactions with the Food and Drug Administration. Our lawyers regularly advise clients on regulatory issues, engage with the FDA and other federal and state agencies through Citizen Petitions, comments, meetings and other petitioning, and represent drug manufacturers in Administrative Procedure Act challenges.
Food + Healthy Living
Businesses focused on food, restaurants, dietary supplements and healthy living come to Goodwin for leading expertise and a holistic suite of services. The Goodwin team assists with product labeling and advertising issues, trademark and patent issues, regulatory matters and agency investigations, and private equity and transactional advice. Our litigation work includes defending Federal Trade Commission (FTC) advertising complaints, enforcement actions and prosecutions, IP matters, consumer class actions and products liability matters, as well as counseling on risk management and litigation avoidance.
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Hedge Funds
Hedge fund markets are facing extraordinary challenges, including increased competition and a changing global regulatory environment. With extensive experience and resources in this industry, we help our hedge fund clients find opportunities, capitalize on them and provide better service to their investors.
We offer interdisciplinary expertise and an understanding of the “big picture” – which is critical for clients who offer their investors a wide ra
Insurance
Intellectual Property
Intellectual property assets represent significant value for businesses. For some clients, these assets represent an entire career or a body of research; for others, they're a 100-year-old trademark, or a newly acquired license. Whether it’s structuring transactions or resolving high-stakes property disputes, we understand the unique needs of each client, and anticipate how those needs will change over time. With superior experience– from scientists who’ve worked in the field, to litigators with International Trade Commission and federal court experience – we’re privileged to represent national and international companies in a broad cross-section of industries.
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Government Investigations + Enforcement
For many companies, government investigations and enforcement actions are an unfortunate reality in today’s world. How you respond to and manage these matters can help to mitigate disruption and keep your business on track, and you need a partner who is intimately familiar with navigating these murky waters. Goodwin has extensive experience responding to government investigations, defending enforcement actions, and managing administrative, criminal, and private proceedings. We represent our companies, directors and audit committees in investigations relating to securities fraud, the FCPA, the False Claims Act, healthcare fraud, whistleblower allegations and alleged violations of financial lending regulations. And in the event an enforcement action proceeds, we advocate for our clients before the government on a daily basis, responding to investigation requests, negotiating the resolution of enforcement actions and advocating for our clients before a wide range of federal and state agencies, including the SEC, DOJ, CFPB, and U.S. Attorneys’ Offices and state attorneys general.
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Life Sciences
Succeeding in the life sciences industry is as much about strategy and execution as it is about research and development. And with the breakneck pace of technology disrupting industries on a global scale, Goodwin’s depth of experience not only in the life sciences space, but also in collaboration with our technology, healthcare, real estate and private equity lawyers, makes our team exceptionally suited to address whatever the future brings. We partner with clients to embrace the promise and potential of innovation to make a profound and lasting impact.
Goodwin’s fully integrated, globally recognized destination life sciences practice is dedicated to serving the needs of innovators and investors working collaboratively to improve patients' lives. Our team of more than 150 lawyers is devoted to life sciences companies across the entire company lifecycle, and team members are strategically located across the major life sciences hubs in the U.S., Europe and Asia.
Complex Litigation + Dispute Resolution
Whether your litigation involves winning a case – or helping your company survive – you need the skills and experience of a sophisticated litigation practice. Goodwin’s litigators provide you with results-oriented representation, drawing on talents of more than 300 trial lawyers, engaged in high-profile cases in the United States and in Europe.
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Private Equity
In the face of a competitive marketplace, elite private equity firms expect counsel with extensive experience and a stable of blue chip relationships. That’s why private equity firms have been entrusting their deals to Goodwin for decades. We believe our position to be unique within BigLaw given the collaboration of our private equity team with our robust life sciences, technology and healthcare practices. With our largest and strongest practices working together, Goodwin is exceptionally suited to address whatever the future brings.
Our Private Equity team ranks as one of the top in the United States, and we are on a trajectory of rapid ascent, both in the U.S. and abroad. The group is a market leader in the expansive middle market sector, having earned a reputation for notable buyouts, growth equity deals and growth company representations in key sectors such as technology, healthcare, financial and business services, consumer and manufacturing. And with the breakneck pace of technology disrupting industries around the world, we are uniquely positioned to partner with our clients and embrace the promise and potential of innovation.
Products Litigation and Counseling
Companies facing products liability and mass tort litigation require experienced counsel with a sophisticated, multi-disciplinary practice. At the same time, the stakes for corporate defendants have grown to “bet the company” magnitude in many instances. Companies in these situations count on Goodwin to ensure their interests are optimally protected.
Read More
Acquisitions + Dispositions
Many of the world’s leading investors turn to Goodwin’s global team of lawyers to serve as transactional counsel on all aspects of U.S. and European commercial real estate investment. Our real estate lawyers structure complex direct and indirect purchases and sales of interests in real estate. On these transactions, Goodwin’s team works alongside investment managers and advisors, fund sponsors and real estate operating companies, as well as a wide range of cross-border investors, including open-ended funds, sovereign wealth funds, national pension funds, banks and ultra-high net worth managers on investment and development opportunities around the world, who are looking to acquire or sell assets or interests in real estate. Our experience encompasses transactions involving a diverse range of property types, including retail properties, offices, medical office and hospital facilities, hotel and leisure properties, industrial properties, and mixed-use assets.
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Tax
Complex tax issues often arise in structuring strategic, commercial and financial transactions and investment products. To find practical solutions to these challenging issues, clients rely on Goodwin’s tax lawyers to advise on the full range of international, federal and state tax issues. Clients seek us out not only to address their tax issues on a transaction, but also to help them gain a competitive advantage by creating structures designed to solve the tax issues faced by the counterparties.
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Venture Capital
The most successful venture capital investors stay ahead of the curve. They make smart investments on solid terms with promising companies. Goodwin has a team of over 180 lawyers nationwide who handle early and growth stage venture deals, providing dedicated representation to over 1,200 emerging companies and entrepreneurs and 200 venture capital and private equity firms. Our extensive company and investor client base allows us to leverage deep knowledge of market terms and relationships on behalf of our clients. And with the breakneck pace of technology disrupting industries around the world, we have a team that is equally proficient in advising the innovators and the investors across the private equity, technology, healthcare and life sciences sectors. We partner with clients to embrace the promise and potential of innovation to make a lasting impact.
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Venture Capital + Private Equity Funds
Venture capital and private equity funds face varying opportunities and challenges depending on industry, market fluctuations and fund type. Few firms offer the breadth of practice that Goodwin brings to private fund services. We understand the issues specific to venture capital, private equity, funds of funds and other types of funds, and can provide advice that comes from a wealth of experience across industries. The firm has a well-deserved reputation as a market leader in the formation and ongoing representation of private investment funds. Our depth of experience in the private equity space along with our technology, healthcare and life sciences teams, makes Goodwin exceptionally suited to handle the breakneck pace of technology disrupting industries around the world. We partner with clients to embrace the promise and potential of innovation to make a profound and lasting impact.
Read More
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Special Purpose Acquisition Companies (SPACs)
Special Purpose Acquisition Companies (SPACs) are newly-formed companies that raise capital in an initial public offering (IPO) for the sole purpose of using that capital to acquire assets or, more typically, one or more companies identified after the IPO. Our lawyers have a deep understanding of the legal, business, financial and marketing issues that affect the success of SPACs. We offer a global team, with lawyers in the U.S., Europe and Asia working collaboratively to assist clients with fast-track cross-border transactions.
Related Practices
FDA
Companies regulated by the Food and Drug Administration (FDA) know that expertise and practical advice are critical to the bottom line. Goodwin’s experienced FDA practice, a key component of the firm’s Technology & Life Sciences team, provides strategic counseling and skillful advocacy to companies subject to the Federal Food, Drug, and Cosmetic Act, the Public Health Service Act, and related federal and state laws.
Administrative Law and FDA Litigation
Pharmaceutical companies need experienced counsel to protect their regulatory interests. Goodwin’s Administrative Law and FDA Litigation practice provides counsel, representation and strategic advice that covers all aspects of our clients’ interactions with the Food and Drug Administration. Our lawyers regularly advise clients on regulatory issues, engage with the FDA and other federal and state agencies through Citizen Petitions, comments, meetings and other petitioning, and represent drug manufacturers in Administrative Procedure Act challenges.
Food + Healthy Living
Businesses focused on food, restaurants, dietary supplements and healthy living come to Goodwin for leading expertise and a holistic suite of services. The Goodwin team assists with product labeling and advertising issues, trademark and patent issues, regulatory matters and agency investigations, and private equity and transactional advice. Our litigation work includes defending Federal Trade Commission (FTC) advertising complaints, enforcement actions and prosecutions, IP matters, consumer class actions and products liability matters, as well as counseling on risk management and litigation avoidance.
Read More
Hedge Funds
Hedge fund markets are facing extraordinary challenges, including increased competition and a changing global regulatory environment. With extensive experience and resources in this industry, we help our hedge fund clients find opportunities, capitalize on them and provide better service to their investors.
We offer interdisciplinary expertise and an understanding of the “big picture” – which is critical for clients who offer their investors a wide ra
Insurance
Intellectual Property
Intellectual property assets represent significant value for businesses. For some clients, these assets represent an entire career or a body of research; for others, they're a 100-year-old trademark, or a newly acquired license. Whether it’s structuring transactions or resolving high-stakes property disputes, we understand the unique needs of each client, and anticipate how those needs will change over time. With superior experience– from scientists who’ve worked in the field, to litigators with International Trade Commission and federal court experience – we’re privileged to represent national and international companies in a broad cross-section of industries.
Read More
Government Investigations + Enforcement
For many companies, government investigations and enforcement actions are an unfortunate reality in today’s world. How you respond to and manage these matters can help to mitigate disruption and keep your business on track, and you need a partner who is intimately familiar with navigating these murky waters. Goodwin has extensive experience responding to government investigations, defending enforcement actions, and managing administrative, criminal, and private proceedings. We represent our companies, directors and audit committees in investigations relating to securities fraud, the FCPA, the False Claims Act, healthcare fraud, whistleblower allegations and alleged violations of financial lending regulations. And in the event an enforcement action proceeds, we advocate for our clients before the government on a daily basis, responding to investigation requests, negotiating the resolution of enforcement actions and advocating for our clients before a wide range of federal and state agencies, including the SEC, DOJ, CFPB, and U.S. Attorneys’ Offices and state attorneys general.
Read More
Life Sciences
Succeeding in the life sciences industry is as much about strategy and execution as it is about research and development. And with the breakneck pace of technology disrupting industries on a global scale, Goodwin’s depth of experience not only in the life sciences space, but also in collaboration with our technology, healthcare, real estate and private equity lawyers, makes our team exceptionally suited to address whatever the future brings. We partner with clients to embrace the promise and potential of innovation to make a profound and lasting impact.
Goodwin’s fully integrated, globally recognized destination life sciences practice is dedicated to serving the needs of innovators and investors working collaboratively to improve patients' lives. Our team of more than 150 lawyers is devoted to life sciences companies across the entire company lifecycle, and team members are strategically located across the major life sciences hubs in the U.S., Europe and Asia.
Complex Litigation + Dispute Resolution
Whether your litigation involves winning a case – or helping your company survive – you need the skills and experience of a sophisticated litigation practice. Goodwin’s litigators provide you with results-oriented representation, drawing on talents of more than 300 trial lawyers, engaged in high-profile cases in the United States and in Europe.
Read More
Private Equity
In the face of a competitive marketplace, elite private equity firms expect counsel with extensive experience and a stable of blue chip relationships. That’s why private equity firms have been entrusting their deals to Goodwin for decades. We believe our position to be unique within BigLaw given the collaboration of our private equity team with our robust life sciences, technology and healthcare practices. With our largest and strongest practices working together, Goodwin is exceptionally suited to address whatever the future brings.
Our Private Equity team ranks as one of the top in the United States, and we are on a trajectory of rapid ascent, both in the U.S. and abroad. The group is a market leader in the expansive middle market sector, having earned a reputation for notable buyouts, growth equity deals and growth company representations in key sectors such as technology, healthcare, financial and business services, consumer and manufacturing. And with the breakneck pace of technology disrupting industries around the world, we are uniquely positioned to partner with our clients and embrace the promise and potential of innovation.
Products Litigation and Counseling
Companies facing products liability and mass tort litigation require experienced counsel with a sophisticated, multi-disciplinary practice. At the same time, the stakes for corporate defendants have grown to “bet the company” magnitude in many instances. Companies in these situations count on Goodwin to ensure their interests are optimally protected.
Read More
Acquisitions + Dispositions
Many of the world’s leading investors turn to Goodwin’s global team of lawyers to serve as transactional counsel on all aspects of U.S. and European commercial real estate investment. Our real estate lawyers structure complex direct and indirect purchases and sales of interests in real estate. On these transactions, Goodwin’s team works alongside investment managers and advisors, fund sponsors and real estate operating companies, as well as a wide range of cross-border investors, including open-ended funds, sovereign wealth funds, national pension funds, banks and ultra-high net worth managers on investment and development opportunities around the world, who are looking to acquire or sell assets or interests in real estate. Our experience encompasses transactions involving a diverse range of property types, including retail properties, offices, medical office and hospital facilities, hotel and leisure properties, industrial properties, and mixed-use assets.
Read More
Tax
Complex tax issues often arise in structuring strategic, commercial and financial transactions and investment products. To find practical solutions to these challenging issues, clients rely on Goodwin’s tax lawyers to advise on the full range of international, federal and state tax issues. Clients seek us out not only to address their tax issues on a transaction, but also to help them gain a competitive advantage by creating structures designed to solve the tax issues faced by the counterparties.
Read More
Venture Capital
The most successful venture capital investors stay ahead of the curve. They make smart investments on solid terms with promising companies. Goodwin has a team of over 180 lawyers nationwide who handle early and growth stage venture deals, providing dedicated representation to over 1,200 emerging companies and entrepreneurs and 200 venture capital and private equity firms. Our extensive company and investor client base allows us to leverage deep knowledge of market terms and relationships on behalf of our clients. And with the breakneck pace of technology disrupting industries around the world, we have a team that is equally proficient in advising the innovators and the investors across the private equity, technology, healthcare and life sciences sectors. We partner with clients to embrace the promise and potential of innovation to make a lasting impact.
Read More
Venture Capital + Private Equity Funds
Venture capital and private equity funds face varying opportunities and challenges depending on industry, market fluctuations and fund type. Few firms offer the breadth of practice that Goodwin brings to private fund services. We understand the issues specific to venture capital, private equity, funds of funds and other types of funds, and can provide advice that comes from a wealth of experience across industries. The firm has a well-deserved reputation as a market leader in the formation and ongoing representation of private investment funds. Our depth of experience in the private equity space along with our technology, healthcare and life sciences teams, makes Goodwin exceptionally suited to handle the breakneck pace of technology disrupting industries around the world. We partner with clients to embrace the promise and potential of innovation to make a profound and lasting impact.
Read More
Data + Privacy + Cybersecurity
As businesses today face an increasingly sophisticated threat environment compounded by aggressive regulatory enforcement, companies need a partner who can help mitigate risk and respond to the unthinkable. Our top ranked Data + Privacy + Cybersecurity practice is one of the longest-standing of any Am Law 50 firm. Our practice is fully integrated and leverages the firm's core strengths, with the group's lawyers coming from our technology, financial institutions, licensing, litigation, regulatory and appellate practices. Our unique approach, focusing on client needs and value, enables us to engage specialists whose experience is framed by a holistic understanding of clients' greatest risks in this threatening environment.
Special Purpose Acquisition Companies (SPACs)
Special Purpose Acquisition Companies (SPACs) are newly-formed companies that raise capital in an initial public offering (IPO) for the sole purpose of using that capital to acquire assets or, more typically, one or more companies identified after the IPO. Our lawyers have a deep understanding of the legal, business, financial and marketing issues that affect the success of SPACs. We offer a global team, with lawyers in the U.S., Europe and Asia working collaboratively to assist clients with fast-track cross-border transactions.