What is the state of the medical marijuana industry in Texas?
For some time it has been known that marijuana has many medicinal uses. Over the past couple of years there has been huge support for legalizing marijuana for medical use. Legislators finally listened and many states have passed laws that make it legal to use certain forms of the drug in these instances. So what are the business implications of legalizing pot? We can get a good idea by examining the happenings in our Southern most state.
One state that has recently passed a medical marijuana law is Texas. In the traditionally conservative state, many have come together in support of legalizing the drug. Representative Stephanie Klick was instrumental in writing the legislation, which was approved by Governor Greg Abbott in 2015. It is now legal to use oil distilled from a specific type of marijuana plant for the treatment of epilepsy. The Texas Department of Public Safety has said it will begin the permitting process for production of the oil in mid-2017.
For now, the possibilities are endless and business owners and entrepreneurs from all over the country are trying to break into the industry. But, because the law is so new compliance is complex. It also seems that big name banks are hesitant to finance ventures in the medical marijuana arena. So, many are involved in trying to improve the law. Mostly by expanding the impairments covered and the strengths of oil available to the public. Business people are hopeful that the state is on the right track and that things will be getting better soon.
Medical marijuana is not the only industry seeing growth at this time. It is a great time to start or expand a business, especially in Texas. But, you shouldn’t attempt to take this on on your own. If you want things done right you should speak to an experienced Austin, Texas business law attorney today.