Autumn 2021 Buffalo Business
9
looked at me sideways are like, 'How can I get into this? Where
should I invest or buy stock?'"
Today, with regulations loosening in many states,
public opinion on cannabis continues to shi, encouraging
additional states to relax their laws too. This year, Alabama
became the 36th state to allow medical marijuana, and New
York, Virginia, New Mexico and Connecticut brought the
number of recreational cannabis states to 18. In turn, a recent
Pew Research survey found 91% of Americans say cannabis
should be legal—60% said for medical and recreational use,
and another 31% for medical use only.
All of this activity has allowed a new industry to take
root. Legal sales hit a record $17.5 billion in 2020, according
to BDSA, a cannabis sales data platform. By 2026, BDSA proj-
ects the legal U.S. market will hit $41 billion in sales, roughly
the size of today's cra beer industry. For entrepreneurs and
other professionals, this could represent a big opportunity—
if they're willing to take an even bigger risk.
Pharm to table
Lee Williams, JD/MBA '16, serves as general counsel
and director of business development for Dent Neurologic
Institute, the largest outpatient neurology practice in the U.S.
Among other roles, she ensures the organization complies
with all legal standards, including New York's medical mari-
juana program. Dent has certified more than 12,500 patients
to use medical cannabis, along with another 5,000 patients for
CBD, a component of cannabis or hemp. (The latter is a strain
of the cannabis plant with less than 0.3% THC, the compound
that produces a "high.")
If you're confused about the difference between these
plants and products, you're not alone. That's why when
Williams co-taught a winter semester course for the UB
School of Law on the legal issues in cannabis, she started with
some history and definitions.
