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Bipartisan push for legal marijuana is underway

(BUSINESS NEWS) Legalization of marijuana already has bipartisan support which could mean big for business owners and medical professionals.

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Concerns for medical pros and business owners

Entrepreneurs interested in business opportunities in legal marijuana now have two parties’ worth of allies backing them up. Since the January inauguration of President Trump, serious concerns have arisen for medical and business interests looking to invest in legal cannabis.

The President himself has been mum on the subject, but Attorney General Jeff Sessions is a passionate opponent of legal marijuana, even for medical use – last month he personally asked Congress to allow federal prosecution of marijuana cases, including cases of solely medical use, even in states where marijuana is legal; Jeff Sessions really, really doesn’t like marijuana.

White House Press Secretary Sean Spicer has stated that states should expect greater enforcement of the federal ban on the substance.

The legal issues

Fair dues – there is a federal ban on marijuana, and it is the job of federal law enforcement to, yknow, enforce federal laws. Per federal law, marijuana is still a Schedule 1 drug, right up there with heroin and MDMA, “no currently accepted medical use and a high potential for abuse.”

On the other hand, there’s a ban on the ban.

In 2014, the delightfully named Rohrabacher-Farr Amendment to the Controlled Substances Act went into effect, banning federal law enforcement from using funds to interfere with “State laws that authorize the use, distribution, possession, or cultivation of medical marijuana.”

It’s been a month and change since AG Sessions’s request to ignore or overturn that part of the law, and there’s already bipartisan opposition.

Rand Paul, Republican, neurosurgeon, former Presidential candidate and current senator from my own fair home state of Kentucky, has joined forces with Democratic Senators Cory Booker of New Jersey and Kirsten Gillibrand of New York to put together the Compassionate Access, Research Expansion and Respect State (CARERS) Act, which would amend the Controlled Substances Act to allow for manufacture and sale of medical marijuana in states where local law allows for its use.

Bipartisan action and legalization

That’s big news for two reasons, summed up neatly in two words.

First, “bipartisan.” Real talk: “bipartisan” is not a word I’ve gotten to use much in the past year. There’s bipartisan action on medical marijuana in Congress because there’s bipartisan action on medical marijuana, full stop.

Per a February Quinnipiac poll, 59 percent of Americans support legalization of marijuana, with that number rising to 93 percent for medical marijuana available by prescription. 93 percent is a mindboggling number.

Fluffy kittens don’t get 93 percent approval in a nationwide poll.

Policy change comes slowly and strangely. But the plain fact is that America is in favor of medical marijuana, which is what the CARERS Act moves to legalize. That’s the second word: “legalize.” The CARERS Act goes one big step beyond Rohrabacher-Farr. Rohrabacher-Farr (that’s just fun to type) is a limit on enforcement; it restricts federal involvement in the marijuana issue on the state level, but doesn’t change marijuana’s status under federal law.

The CARERS Act would actually decriminalize a category of marijuana use at the federal level.

That would be a first since the passage of the Controlled Substances Act, and, maybe more importantly, a legal foot in the door for everyone interested in helping people, making money or both with legal cannabis. The CARERS Act would, for the first time, establish at the federal level that there’s such a thing as legal, acceptable marijuana use. From that point, it’s a debate over what that use can be. For anyone with an interest in legal cannabis, that makes CARERS a very big deal.

#bipartisanmj

Matt Salter is a writer and former fundraising and communications officer for nonprofit organizations, including Volunteers of America and PICO National Network. He’s excited to put his knowledge of fundraising, marketing, and all things digital to work for your reading enjoyment. When not writing about himself in the third person, Matt enjoys horror movies and tabletop gaming, and can usually be found somewhere in the DFW Metroplex with WiFi and a good all-day breakfast.

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1 Comment

1 Comment

  1. Brian Kelly

    June 27, 2017 at 1:56 am

    Marijuana consumers deserve and demand equal rights and protections under our laws that are currently afforded to the drinkers of far more dangerous and deadly, yet perfectly legal, widely accepted, endlessly advertised and even glorified as an All American pastime, booze.

    Plain and simple!

    Legalize Marijuana Nationwide!

    It’s time for us, the majority of The People to take back control of our national marijuana policy. By voting OUT of office any and all politicians who very publicly and vocally admit to having an anti-marijuana, prohibitionist agenda! Time to vote’em all OUT of office. Period. Plain and simple.

    Politicians who continue to demonize Marijuana, Corrupt Law Enforcement Officials who prefer to ruin peoples lives over Marijuana possession rather than solve real crimes who fund their departments toys and salaries with monies acquired through Marijuana home raids, seizures and forfeitures, and so-called “Addiction Specialists” who make their income off of the judicial misfortunes of our citizens who choose marijuana, – Your actions go against The Will of The People and Your Days In Office Are Numbered! Find new careers before you don’t have one.

    The People have spoken! Get on-board with Marijuana Legalization Nationwide, or be left behind and find new careers. Your choice.

    Legalize Nationwide!

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Business Entrepreneur

‘Small’ business was once a stigma, but is now a growing point of pride

(BUSINESS ENTREPRENEUR) Small businesses make up the majority of companies, employers, and money makers of the American economy, that’s something to be proud of.

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American small business

Prior to the Industrial Revolution, all businesses were small businesses. Independent craftsmen served communities with vital services. Small merchants opened shops to provide the community with goods. Lawyers, doctors, and other professionals hung out a shingle to offer their services to neighbors. Small businesses were the norm. Some of the most beloved American companies started out local. John Deere, Harley Davidson, and King Arthur Flour, all got their start as small businesses.

Business changes led to a attitude change

It wasn’t until manufacturing allowed businesses to scale and produce more efficiently that the idea of big business became more important. Post-World War II, the idea of a small business became derogatory. It was the age of big government. Media was growing. Everyone wanted to be on top. Small businesses took a back seat as people moved from rural to urban communities. Small business growth plateaued for a number of years in the mid-20th century. Fortunately, the stigma of small business is fading.

Small businesses are the backbone of the economy

According to the Small Business & Entrepreneurship Council, the “American business is overwhelmingly small business.” In 2016, 99.7% of firms in American had fewer than 500 workers. Firms with 20 workers or less accounted for 89.0% of the 5.6 million employer firms. The SBE also reports that “Small businesses accounted for 61.8% of net new jobs from the first quarter of 1993 until the third quarter of 2016.” Small businesses account for a huge portion of innovation and growth in today’s economy.

Modern consumers support small businesses

According to a Guidant Financial survey, the most common reason for opening a small business is to be your own boss. Small business owners are also dissatisfied with corporate America. Consumers also want to support small businesses. SCORE reports that 91% of Americans patronize a small business at least once a week. Almost half of Americans (47%) frequent small businesses 2 to 4 times a week.

Be proud of small business status

Small businesses are the innovators of tomorrow. Your neighbors want to support small businesses, knowing that their tax dollars stay in the community, and that they’re creating opportunities within their own city. Your small business status isn’t a slight. It’s a source of pride in today’s economy. Celebrate the fact that you’ve stepped out on your own in uncertain times. Celebrate the dirt under your fingernails, literally, or figuratively, that made you take a risk to do what mattered to you.

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Business Entrepreneur

Why and how to acquire a business – 4 tips for radical success

(BUSINESS ENTREPRENEUR) Acquiring a business can be a key part of your business’s future growth, but there are some factors you should consider before signing the deal.

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A meeting room with people shaking hands over acquiring a business

Growing businesses have multiple levers that can be pulled separately or in unison to continue scaling and expanding. And while many companies choose to grow internally, there’s always the option of acquiring other businesses to supercharge results and instantly expand.

Why Acquire?

Acquiring a business is certainly a complicated path to expansion, but it’s also a highly attractive one for a variety of reasons. This includes:

  • Increased market share. If you’re acquiring a business that happens to be a competitor, you can instantly increase your market share. If you currently own 20 percent of the market share and the competition has 15 percent, you suddenly catapult to 35 percent. That might make you the industry leader overnight!
  • Expansion into new markets. Sometimes you acquire a business outside of your industry or niche. In this case, it allows you to expand vertically or horizontally. This can improve top-line revenue and/or reduce costs and benefit profit margins.
  • Advanced tech and IP. In some situations, an acquisition is about acquiring a specific piece of technology or intellectual property (IP). This may prove to be the final boost you need to accelerate growth and initiate further expansion.
  • Talent acquisition. One of the secondary benefits of an acquisition is the opportunity to welcome new talent into your team. Whether it’s a seasoned executive or a highly effective sales staff, this is one benefit you can’t ignore.

Mergers and acquisitions aren’t the correct solutions in every situation, but they often make sense. It’s ultimately up to your team to sit down and discuss the pros, cons, opportunities, drawbacks, and possibilities of pursuing this option.

Helpful Acquisition Tips

Should your business choose to move forward with the acquisition route, here are some essential tips to be aware of:

1. Assemble a Talented Team

Don’t do anything until you first develop an acquisition team. This is a very important step and should not be delayed. (Many businesses make the mistake of starting the search and then forming a team on the fly, but this results in missed opportunities and foundational errors that can compromise an otherwise smart acquisition.)

A good acquisition team should include an experienced mergers and acquisitions advisor, a responsible executive, an attorney, an HR professional, and an IT expert. You’ll also want to bring on a public relations professional as soon as possible. This will ensure you control the messaging that customers, investors, and even employees hear.

2. Do Extensive Due Diligence

With the support of a talented dream team, you’re equipped to find the best acquisition opportunities. As you narrow your targets down, you’ll want to identify and implement a very detailed due diligence process for acquiring a business. This may include an extensive, objective analysis that consists of a letter of intent, confidentiality agreement, contracts and leases, financial statements, tax returns, and other important documents.

3. Make an Initial Offer

If the due diligence checks out, then it’s time to work on formulating an offer for acquiring a business. While the first offer almost certainly won’t be the offer that gets accepted, it’s the single most important offer you’ll make. It frames the transaction and sets the tone for the rest of the negotiations. It’s generally a good idea to offer no more than 75 to 90 percent of what you’re willing to pay. It should be low enough to leave room to inch up, but not so low that the other party could potentially see it as an insult.

4. Negotiate

Your first offer won’t get accepted. But unless you’ve totally insulted the other business, they should come back with a counter. Now is where things get really interesting. Negotiations ensue and it’s time to counter back and forth. The offer consists of a variety of elements – not just a price tag – so consider all of these variables in your subsequent counters.

Adding it All Up

As valuable as an acquisition can be, the process is often filled with friction. It’s up to your team to make the transition after closing as smooth as possible.

It’s very important that you respect the products, services, employees, and customers that the acquired business has. If you come into an acquisition and attempt to shake things up on day one, you’re going to get backlash. There’s nothing wrong with making changes – you now own the business – but be diplomatic and patient. Build trust, work together, and gradually introduce changes.

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Business Entrepreneur

Should you use use confidentiality clauses in your severance agreements?

(BUSINESS) Confidentiality clauses and NDAs have long been tied to severance agreements – but is that notion becoming outdated?

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severance agreement

Severance agreements and their ilk have long included confidentiality clauses, often comprising an exhaustive list of actions former employees may not take should they desire to keep the benefits listed in the agreement. Carey & Associates P.C.’s Mark Carey breaks down the knowledge you’ll need to successfully incorporate a severance agreement – including a stern warning about the future of confidentiality clauses.

There is a long list of things you’ll need when curating a severance agreement, but we’ll start with Carey’s honey-do-nots.

Carey’s primary recommendation is avoiding a non-compete clause where, previously, there wasn’t one.

“As employment lawyers, we see this tactic used every day, but you do not,” he says.

This is because most employment lawyers will advise that a non-compete agreement is largely unenforceable, which sets a poor precedent for an otherwise airtight document.

Carey even recommends against reviewing prior non-compete clauses for the same reason.

He also eschews what he calls the “21 days to sign – or else” philosophy, and he advises that employers should loop themselves into the non-disparagement clause so that employees cannot be blacklisted – something he refers to as “a very real phenomenon.”

What a severance agreement should include is a non-admission provision, a payment provision, a release of all claims to cover any feasible scenarios regarding employee disclosure, a challenge to agreement, a “no other amounts are due” section to release the employer from future responsibility, and a mandate to return any company property. This is a truckload of information, so you’ll want an employment lawyer to help you through the process.

But what Carey warns against is the future of confidentiality agreements, or NDAs. While these provisions have long accounted for employee silence in the face of abusive or corrupt employers, Carey posits that, one day, “confidentiality provisions in employee severance agreements will be banned as a matter of statute and public policy.”

This assertion comes in the wake of the #MeToo movement and the uncovering of the manner in which powerful people were using NDAs to buy silence from the people who suffered under their direction. Carey points out that it’s a non-partisan issue; corruption isn’t aligned with one specific political party, and the option to come forward with allegations of misconduct is a courtesy that should be afforded to all.

Whether or not confidentiality agreements are ethical is a moot point, and Carey does recommend continuing to use them when necessary – but, sooner or later, one can safely assume that the landscape of severance agreements will change, arguably for the better.

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