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Have you set your sights on diving into the multi-billion dollar marijuana business?
The medical marijuana market is amongst the fastest growing industries in the US, with 33 states that have legalized medical marijuana.* Recreational legalization, too, promises to bolster the trend in marijuana industry business start-ups. Adding to the states that have legalized medical marijuana, there are currently 10 states that have legalized recreational marijuana.**
For entrepreneurs, an emerging market like this one holds opportunity and challenge in equal parts. Since marijuana is still illegal at the federal level, which supersedes any and all state laws, entrepreneurs creating a company within the marijuana industry will likely encounter a few bumps in the road.
As a Delaware Registered agent, we want to let you know that including a word such as— marijuana, hemp, cannabis, weed, or an acronym like CBD or THC— in your business name means it will be subject to extra scrutiny when your Delaware Registered Agent submits it for approval from the Delaware Division of Corporations.
The State of Delaware will request a specific purpose for the company before they approve the filing. If you are thinking about including any of these terms in the name of your new Delaware Corporation or LLC, this is something to consider.
If you have any questions about forming your new Delaware Corporation or LLC please reach out to us today. You can email us at firstname.lastname@example.org or call 800-345-2677. We’re here to help!
*Alaska, Arizona, Arkansas, California, Colorado, Connecticut, Delaware, Florida, Hawaii, Illinois, Louisiana, Maine, Maryland, Massachusetts, Michigan, Minnesota, Missouri, Montana, Nevada, New Hampshire, New Jersey, New Mexico, New York, North Dakota, Ohio, Oklahoma, Oregon, Pennsylvania, Rhode Island, Utah, Vermont, Washington, and West Virginia. As well as the District of Columbia and Puerto Rico. (States that have legalized Medical Marijuana)
**Alaska, California, Colorado, Maine, Massachusetts, Michigan, Nevada, Oregon, Vermont, and Washington, as well as the District of Columbia. Illinois is not far behind and is expected to legalize recreational marijuana for those 21 and older starting January 1st, 2020. (States that have legalized Recreational Marijuana)
*Disclaimer*: Harvard Business Services, Inc. is neither a law firm nor an accounting firm and, even in cases where the author is an attorney, or a tax professional, nothing in this article constitutes legal or tax advice. This article provides general commentary on, and analysis of, the subject addressed. We strongly advise that you consult an attorney or tax professional to receive legal or tax guidance tailored to your specific circumstances. Any action taken or not taken based on this article is at your own risk. If an article cites or provides a link to third-party sources or websites, Harvard Business Services, Inc. is not responsible for and makes no representations regarding such source’s content or accuracy. Opinions expressed in this article do not necessarily reflect those of Harvard Business Services, Inc.