On January 12, 2024, First Citizens Bank published an article on its website, affirming its commitment to being a “hemp-and cannabis-friendly bank”[1], as they broadened their scope from exclusively hemp/CBD to encompass the wider cannabis market.[2] Accordingly, First Citizens Bank has emerged as the largest financial institution to actively engage with the cannabis industry.[3] This …
LATEST NEWS
New York Implements Beneficial Ownership Reporting Requirements for LLC’s
In December 2023, New York Governor Kathy Hochul signed the New York Limited Liability Company Transparency Act into law. The New York Limited Liability Company Transparency Act is modeled after the Federal Corporate Transparency Act, which took effect on January 1st of this year. The Act will require New York LLCs to file a Beneficial …
IS YOUR WORK FORCE PROPERLY CLASSIFIED?
The U.S. Department of Labor issued new guidelines for determining if an entity/person is an independent contractor, significantly narrowing the definition of independent contractor and making it more difficult for a person/entity to be classified as such. These guidelines go into effect on March 11th. Misclassification penalties can include paying back wages (as once classified …
Judge Nardacci Denies Injunction Inquiry
On February 2, 2024, Judge Anne Nardacci, of the United States District Court for the Northern District of New York, rejected Plaintiffs’ arguments, in Variscite NY Four, LLC v. New York State Cannabis Control Bd., No. 123 CV 01599 AMNCFH, 2024 WL 406490 (N.D.N.Y. Feb. 2, 2024), seeking to impede the progression of New York’s …
Complaint Filed against OCM and its Board Members
A lawsuit has been filed by Valencia AG, LLC against the Office of Cannabis Management, and its board members. In the Complaint, filed January 24, 2024, the Plaintiff alleges the current New York State Cannabis Law violates the United State Constitution through violating the Equal Protection Clause by prioritizing the applications of applicants that meet …
Corporate Transparency Act Requires Companies to Identify Beneficial Owners
On January 1, 2021, Congress enacted the Corporate Transparency Act, designed to curb illicit finance among US businesses. To limit the opportunity for businesses to engage in financial crimes, the Act requires businesses to electronically file a report with the Department of Treasury’s Financial Enforcement Crimes Network (FinCEN). On January 1, 2024, FinCEN began accepting …
Another Lawsuit May Hamper OCM’s Application Process
On December 18, 2023, another lawsuit was commenced against the Office of Cannabis Management (“OCM”) in the Northern District of New York, entitled Variscite NY Four, LLC and Variscite NY Five, LLC v. New York State Cannabis Control Board et al., alleging that OCM’s current application process discriminates against out-of-state citizens in violation of the …
OCM Settles CAURD Program Lawsuits
On Monday, November 27, 2023, New York State’s Cannabis Control Board and Office of Cannabis Management (the “OCM”) voted to approve settlement agreements for two active lawsuits against the OCM in the New York State Supreme Court, Albany County. These settlements were accepted and approved by Hon. Kevin Bryant, the judge in both cases, on …
Office of Cannabis Management Extends Application Window & Approves Emergency Enforcement Regulations
The Cannabis Control Board (“CCB”) voted to extend the application window for adult-use cannabis licenses. The new deadline has been extended two weeks from Monday, December 4, to Monday, December 18. The Board also announced that microbusinesses and retail applicants who have secured a retail location will have their priority deadlines extended two weeks from …
Welcome Benjamin Goes!
The Wagoner Firm is delighted to introduce our newest team member, Benjamin Goes! Ben is a corporate associate focusing his practice on general business affairs and commercial transactions. Before joining our firm, Ben spent several years as an associate at a boutique law firm in Albany, specializing in commercial real estate. His expertise includes private …