William Gay (Of Counsel-Los Angeles, CA) was extensively quoted on March 20, 2023, in EB5 Investors Magazine’s EB-5 Visa Blog, titled “Cannabis industry: Buzz or no buzz for EB-5?” According to Bill, “The U.S. Citizenship and Immigration Services appears to be maintaining a strict policy regarding investment in cannabis, or any other controlled substance, if the activities of the business run afoul of federal law, chiefly the Controlled Substances Act of 1970 (CSA).” He advises clients against investment in cannabis companies that rely solely on state law compliance, but notes another EB-5 option on the table – investment in non-psychoactive hemp, which he says is permitted since that was removed from CSA coverage by the Agricultural Improvement Act of 2018. However, Bill emphasizes the importance of identifying the source of the CBD, since synthetic CBD is still listed on Schedule V as a controlled substance.

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