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Everything you need to know about BMD and the industry.

Fluresh Cannabis’ Bank Loan: Moving Into the Mainstream

The announcement by Fluresh, a vertically integrated Michigan based cannabis business, of the closing of loans from a federally insured commercial bank totaling almost $50 million represents an important landmark for both Fluresh and the cannabis industry writ large. For Fluresh, perhaps as important as the bottom-line benefits of lower cost financing, the fact that its operations and financials passed muster with a substantial commercial bank can be regarded as an important rite of passage. For the industry, it reflects its inexorable movement out of the shadows and into the mainstream. This substantiates the view that, whether or not any of pending the federal legislation is enacted, bank lending to the cannabis industry will continue to accelerate. 

While a number of mega banks are stubborn holdouts, and whether or not there is a formal change in bank law or regulation, this transaction is further evidence supporting the belief that more and larger banks are entering and will continue to enter the market. Each one that does both paves the way for and draws others in. 

Of equal, or perhaps greater significance to the industry than the direct impact on increased access and cheaper money on the operating results, are the intangible, “out of the shadows” implications of these trends in the ongoing process of propelling it “into the mainstream,” the potential significance of which likely extends far beyond banking.

For more information, please contact Stephen Lenn at salenn@bmdllc.com or 602.796.9647.

Brennan, Manna & Diamond Law Firm Promotes Four Attorneys in Akron and Jacksonville Offices

Brennan Manna Diamond (BMD), a business law firm with eight offices in Ohio, Florida and Arizona, has announced that Adrian Ribovich and Duriya (DD) Dhinojwala have been promoted from partner to Member. Darren Jones and Bryan Meek have also been promoted from associate attorney to Partner.

BMD Recognized as Best Law Firm 2021

BMD's Season of Giving

This holiday season, BMD felt an overwhelming urge to give back to the communities in which we live and work. That is how BMD’s 2020 Season of Giving program was created. In honor of our 20th Anniversary, we designated $20,000 and asked each of our offices to propose charities and causes that were important to them—organizations that lend their care, support, services, resources and education to others on a daily basis.

Ohio COVID Immunity Bill

Scott P. Sandrock, a Member of BMD shares the logistics of Amended House Bill 606, which grants immunity to essential workers who transmit COVID-19.

Webinar Recording: New Considerations for Business Succession Planning

Ray Lampner and Pattie Wagner of Sikich joined BMD’s Co-Managing Partner Justin Alaburda in “New Considerations for Business Succession Planning,” where they discussed current business succession planning considerations from an accounting, legal, and human capital perspective.