我们的大麻业务律师团队常年处理涉及持牌大麻企业买卖的交易。此类交易往往进展迅速，中介机构常催促双方尽快完成交易——却往往忽视必要的尽职调查和大麻法规。最糟糕的情况是，企业方在签署卖方拟定的购买协议后才寻求我们的帮助，而此前对收购标的未进行任何尽职调查。买方尽职调查绝非可有可无——准确掌握将要收购的资产与负债状况至关重要。
While we can't cover everything in this blog post, below are vie key due diligence items you must understand to help protect yourself and your investment.
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州和地方法律及合规
这是首要任务。各州、县、市针对大麻企业的法律及合规要求差异显著。与任何企业一样，大麻企业尤其需要了解获取、运营及选址所需的州级和地方许可/执照要求。多年来我们屡屡目睹，买家有时会发现为时已晚：
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- 买方或其成员/股东根据州法律不符合持有执照的资格；
- 当地分区法规不允许买方在其期望地点开设大麻业务；
- 该许可证仅处于待批状态，尚未实际签发；
- The cannabis business is facing license revocation for rule violations (in some states violations won't transfer to the newly acquired license holder, but in others it will); or
- 当地法律近期有所变更，该企业必须搬迁才能继续经营。
在购买大麻企业之前，至少应确认以下事项：
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- 买方或买方成员/股东依法获准持有大麻许可证；
- 该企业已在州务卿办公室及其他相关主管机构完成注册登记；
- 大麻许可证及相关许可均有效；
- 不存在令人困扰的执法记录或正在进行的纪律处分。
未能核实这些事项可能导致您经营的大麻企业无法合法运营。
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所有权变更的程序与限制
Cannabis businesses are heavily regulated and there are usually onerous regulatory procedures in place for changes in ownership. Generally, sellers must disclose the buyer (including, buyer's members, officers, shareholders, etc.), and those individuals must be vetted and approved by regulators. Sometimes these regulatory approvals must occur before a license can be transferred. This can often take weeks or even months, which is why understanding this timeline is important. Closing a transaction before the license transfer is approved could lead to buyer paying for a license it won't receive. To prevent such a situation buyers should, at a minimum:
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- Include contingencies tied to regulatory approval—this doesn't just apply to closing dates;
- 确保在审批被拒或延迟时，定金和诚意金可退还；以及
- 在时间表中纳入监管机构审查周期。
切勿仅凭经纪人或卖家的口头承诺行事——务必通过您的专业大麻律师核实整个流程。
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公司权力
Disputes over ownership and authority are all too common in this industry, often due to outdated or nonexistent governing corporate documents. We often see buyers who enter into purchase agreements based on nothing more than the word form a single member/shareholder in a multi-owner entity. Generally, the sale of a multi-owner business will require more than just one member/shareholder to approve of the sale. To ensure the sale is authorized by the seller—for both asset and equity sales—buyer must review the corporate records, including, at a minimum, the businesses':
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- 章程或经营协议；
- 认购、加入及/或股东协议；
- 任何影响股权或控制权的合同；以及
- 对上述文件的任何修订
仅接受对方提供的文件是不够的。您还必须在购买协议中获得卖方的书面确认，确保所提供的文件是最新、有效的，且涵盖所有现有文件。通过审查这些文件，买方将更深入地了解（除其他重要事项外）：
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- 公司内部哪些人员必须批准此次销售；
- 为使销售符合公司文件要求，必须采取哪些步骤；以及
- 公司内部哪些人员有权代表公司签署采购协议？
Ignoring seller's corporate governance can lead to a legally defective transaction—one that other owners of seller may challenge or refuse to honor.
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不动产
在收购企业时，买家有时会忽略交易中将一并获得的房地产资产——无论其为自有或租赁性质。作为尽职调查环节，买家应要求获取完整的不动产权益清单，至少需确认以下事项：
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- 企业被锁定在长期租赁中；
- 租赁协议允许承租方在租赁期内无需事先获得出租方批准即可转让或出售其业务；
- 租赁符合州和地方的大麻法律。
If a buyer's goal is to relocate the business, the lease terms could prevent that—or impose serious penalties. Boilerplate leases often don’t meet cannabis compliance standards, so a careful review is critical.
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金融负债
Cannabis businesses, particularly those that started informally, often lack proper documentation. This makes it crucial to vet the company’s financial obligations thoroughly—especially if you're buying the company itself, not just its assets. Require the seller to disclose all contracts and agreements—written or oral—and include strong representations and warranties in the purchase agreement. This helps ensure:
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- 你清楚所有债务与义务；
- 任何未披露的负债仍由卖方承担。
即使最完善的购买协议也无法规避所有风险。确保对上述五个方面进行尽职调查虽有帮助，但仍可能遗漏重要信息。因此，在交易初期就聘请经验丰富的大麻行业律师，从长远来看能为您节省大量时间、金钱和心力。
