Sunday, January 17, 2021
The title of this post is the title of this notable new paper authored by Troy Sims recently posted to SSRN. Here is its abstract:
The growing cannabis industry in the United States has presented both economic opportunity and legal complexity. States that allow medical or recreational cannabis conflict with federal regulations and lawyers who represent cannabis businesses are caught in an ethical maze. This article discusses an often-overlooked cause of this complexity: guidance documents from the Department of Justice. The rapid growth of the cannabis industry correlates with a series of memos issued by the Department of Justice, one of which is known as the “Cole Memorandum”, and all of which have been rescinded. The ambiguities and shortcomings of current administrative law have played a large part in creating the confusing legal status of the cannabis industry. Resolutions must reflect this reality to adequately address the ethical, financial, and legal problems in the cannabis industry.