This November, Florida voters will consider a proposed state constitutional amendment to allow the cultivation, distribution and sale of marijuana for medical use. Supporters are confident the referendum will pass, and recent polls suggest their confidence is justified. Not surprisingly, entrepreneurs are preparing to capture part of what some estimate will be a $785 million industry.
But like all businesses endeavors, some will succeed and some will fail. Pioneers in this new industry must consider not only their entry into the market, but their exit. Companies wanting to lend, lease or sell to medical marijuana facilities must consider how doing so may impact their own options as debtors and creditors, because without a change in federal drug policy, bankruptcy relief will not likely be an option.
