Cannabis Practice Co-Chair Charles X Gormally Shares Advice for Cannabis Business in His State.
This summer, New Jersey has rapidly expanded its medical marijuana program, and attorney Charles X Gormally said the legalization of recreational marijuana is not far behind.
Charles X Gormally is a New Jersey attorney and co-chair of the Brach Eichler cannabis group. Nearly 50,000 patients in New Jersey have prescriptions for medical marijuana, and New Jersey Governor Phil Murphy just signed a bill to expand access to medical cannabis. Charles X Gormally said he is hopeful that legalizing recreational marijuana will be the next step for his state.
Cannabis is still classified as a Schedule 1 controlled substance for the time being, however, Charles X Gormally explained. This makes it expensive and difficult to find bank financing for a cannabis business- so Charles X Gormally shared some of his advice on this subject.
“When counseling clients interested in the cannabis space, we emphasize the importance of forming relationships with reliable support team members,” said Charles X Gormally.
According to Charles X Gormally, a flourishing cannabis business participant must ensure they make strong, professional relationships. Having this network is key to having a successful cannabis business. Relationships should be formed across a wide range of specialties, including accounting, taxation, real estate, land use, banking, environmental law, medical research and security.
These relationships will prove invaluable to begin a cannabis business in New Jersey and sustaining it, according to Charles X Gormally.
The Cannabis Practice Group at Brach Eichler works as a team to equip the client with a broad range of required legal services while assisting the clients in formalizing their professional relationships with partners, vendors and suppliers.
“The overarching goal of the Group is to position clients for success by assuring that the client will be compliant with all of the requirements of state law, while keeping the client cognizant that conducting business in this area currently remains a violation of federal law,” Charles X Gormally said.
For additional information about Brach Eichler’s Cannabis Law Practice, contact Charles X Gormally, member co-chair, at (973) 403-3111.
Since its founding in 1967, Brach Eichler’s Cannabis Law Practice has been a trusted, practice that establishes personal relationships with its clients, rendering advice that is business-savvy and creative, yet practical. Charles X Gormally is the Chair of the Litigation Practice Group and a member of the firm’s Employment Services Practice Group. The New Jersey Supreme Court has acknowledged his commitment as a trial attorney by designating him as a Certified Civil Trial Attorney.