Keeping Your Cannabis Business Safe: A Special Q&A Session with Cybersecurity Expert Michelle Drolet

The threats are real and increasing daily. Learn how you can protect yourself and your cannabis company from unauthorized access to confidential files and proprietary data. Join Towerwall’s CEO Michelle Drolet on July 10th at 12 Noon EST to learn the latest in securing your company’s critical data. The stakes of a breach are getting higher and you cannot afford to wait any longer. Don’t miss this unique opportunity to engage with our resident information security expert who will answer your questions and address the challenges you face every day. Michelle will cover the topics below but the platform is yours! 1. What I know about COVID-19 Scams 2. How to secure your network for a remote workforce 3. Planning for a crisis: what are the basic steps for building an incident response & disaster recovery plan? 4. Implementing a repeatable and actionable information security plan with people, process and technology to maintain compliance and adherence to regulations. Join Offit Kurman’s Cannabis Practice lead and Cannabusiness Key host Jason Klein and Michelle for an interactive session that will help you protect your business from cyber threats. Remember, data security compliance is a necessity to conduct your Cannabis business.

Meet the Speaker:

Michelle Drolet, is the founder of Towerwall, a woman-owned cybersecurity and cannabis compliance services provider in Framingham, Mass., with clients such as CannaCare, Smith & Wesson, Covenant Healthcare and many mid-size organizations. Michelle is also regular contributor to Cannabis Business Executive.

Sponsored By CohnReznick

Important Announcement:

Offit Kurman, Cannabis Business Executive & CohnReznick has been rescheduled to Friday, May, 1, 2020 from 12:00-1:00 PM. Please register to attend and thank you for your patience.

KEY FINANCE AND TAX ISSUES CANNABIS COMPANIES SHOULD FOCUS ON AS THEY GROW

The  world has changed dramatically.  The cannabis industry is not immune to the effects of the covid-19 pandemic. However, there is good news. Cannabis dispensaries have been deemed essential business and allowed to continue operations across the country.  Operators have proven themselves to be very innovative and regulators have reacted quickly to this new normal. At some point the pandemic will pass and companies that focus on business fundamentals will be best positioned to emerge successfully.  As the industry and markets mature, sophisticated operators are pivoting to focus on efficiency, organization and professionalization of their management team.

CohnReznick’s Michael Harlow and Jason Klein of Offit Kurman will tackle some of the tax and finance issues that arise for these companies, including:

• Fixed Asset Accounting: Acquisition and build-out of cultivation facilities represents the largest single expenditure for most operators.  Unlike other manufacturing companies, cannabis companies do not qualify for bonus depreciation, which significantly increases taxable income.  How can operators maximize depreciation of production assets and qualified cost of goods sold deduction with proper accounting and record keeping?
• Convertible Debt Instruments: More investment funds are coming on-line offering debt to the industry, often with equity conversion options.  We will discuss the finance and tax impact of these financing deals.
• Brand/Royalty Agreements: Cannabis companies are turning to branding and royalty agreements as a way to expand into new markets without having to secure new state licenses.  Non-plant touching companies are also creating cannabis brands without securing state licenses dramatically reducing their regulatory burden and cost of capital related to building production facilities and holding inventory.  Hear about ways to structure these deals to maximize success.
• CARES ACT Update: Federal and State governments have responded with a variety programs aimed at minimizing the financial impact of the pandemic. Cannabis companies have been barred from participating in the Payroll Protection Program, despite being deemed essential by state governments. However, other programs do offer limited relief.

 MEET THE SPEAKER

Bio

Michael Harlow is a partner and the Co-Practice Director for the DC Metro Tax Practice for CohnReznick. As such, Michael enjoys working with a variety of clients across the Washington region. He has more than 15 years of experience in public accounting serving clients in attestation, accounting, and tax advisory roles Michael has extensive experience across multiple real estate-related industries including homebuilding, land development, residential management, commercial management, and land engineering.

For the past three years Michael has focused his efforts on growing the tax services of the CohnReznick Cannabis Practice.  The CohnReznickCannabis Practice services clients across the country in legal adult use and medical markets.  He is a Certified Public Accountant in the state of Maryland.

The passage of the 2018 Farm Bill and legalization of hemp has opened up many exciting business opportunities for its producers. In this webinar, we’ll discuss how producers can protect their competitive position in the market through the strategic procurement of intellectual property assets.  We will explain the three major categories of IP protections for newly “invented” plants –  Plant Variety Protection Certificates, Plant Patents and Utility Patents – and explain some of the key considerations that go into deciding the right path for your business.

Meet the Speaker

Scott Lloyd counsels emerging and midsize businesses on a wide array of legal issues in the areas of corporate governance, intellectual property, commercial transactions and dispute resolution, regulatory compliance and international trade. Mr. Lloyd is also a registered patent attorney who combines his scientific and professional experience to focus his practice on serving the needs of clients requiring an attorney with both legal and scientific expertise to address intellectual property and regulatory support needs. He counsels those companies on intellectual property strategy, assists them in gaining regulatory approvals for products and provides advice on compliance with international import and export regulations. Mr. Lloyd works primarily with small and midsize business owners seeking to implement growth strategies and succession plans.

As CEO of Jabez Pharma Holdings, Inc. Steve Beagle addresses the topic of real investigative science going on in both the regulated and non-regulated areas of cannabinoid science. The continued loosening of restrictions from the FDA, in particular, presents some exciting opportunities to do research science on cannabinoids in humans, but at the same time, ongoing uncertainty and delays present major obstacles to broader market acceptance and expansion. Mr. Beagle will be explaining the current state of cannabinoid science and shedding light on the challenges that drug development companies face as they attempt to navigate this highly dynamic space and formulate drug dosages for the Rx, OTC and nutraceutical markets.

About Steven Beagle | CEO, Jabez Pharma, Inc. Steven Beagle has held senior positions in the pharmaceutical sector for over thirty years. Prior to founding Jabez Pharma in the summer of 2018 he was Senior Director of MSN Pharmaceuticals from 2013-2017 where he headed North American marketing and sales of their API division. He has been credited for the exponential US growth that has now emerged from his work during that time period. Prior to this role, Steve headed publicly-traded Dr. Reddy’s CPS custom chemistry business from 2011 to 2013. Mr. Beagle possesses extensive experience in the pharmaceutical industry, holding key roles not only at MSN and Dr. Reddy’s but also at DSM, BASF, Rohner AG, American Cyanamid and Hovione. He holds a BS from the University of Connecticut and also studied at the Arnold and Marie Schwartz (Brooklyn) College of Pharmacy.