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Is It Time to Open a Pot Practice in the Big Apple?

A pot practice used to be for small firms and solo practitioners, not big city lawyers.

But that is changing as legalized marijuana use continues to take over the country. Most states have approved it for medicinal purposes and nearly a dozen for recreational use.

Now New York is ramping up to legalize weed. Is it time Wall Street lawyers got some of that?

The Big Apple

Gov. Andrew Cuomo has appointed a panel to draft legislation to legalize marijuana in New York. He wants it ready for the state's next legislative session.

Clearing the way for some marijuana businesses, Manhattan District Attorney Cyrus Vance has stopped prosecuting most marijuana cases there. His new policy has exceptions for prior offenders and parolees.

National law firms have already embraced clients in the burgeoning industry. In Chicago, for example, Fox Rothschild has been growing a marijuana practice for some time.

California lawyers, too, have staked their claims since recreational use became legal in the Golden State this year.

Going Global

In Colorado -- the leader in legalized recreational pot -- one law firm expanded its marijuana practice beyond national boundaries. Hoban Law Group announced it was opening offices in Europe and Latin America.

The firm said it had seen "enormous growth" in its practice, offering securities, public offerings, intellectual property and tax services to cannabis clients. It partnered with New Frontier Data, a research and investor relations firm that specializes in cannabis studies.

"We have accepted the challenge of being global cannabis industry leaders and experts and will work with strategic partners, such as New Frontier Data, to move the industry forward across six countries," said Managing Partner Robert Hoban.

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