William Tolin Gay (Of Counsel-Los Angeles) has published “Immigrant Investors and Cannabis Business Opportunities in the United States,” an article that appeared in the Summer 2019 issue of California International Law Journal published by the International Law Section (ILS). If “legalization” of cannabis has the effect of moving it from Schedule I to a lower schedule, rather than completely removing it, Bill does not see a bright future for foreign investors who wish to participate in this market. However, the 2018 Farm Bill provides another, “perfectly legal route for involvement in the CBD market,” subject to applicable state laws. Because the Farm Bill of 2018 completely descheduled industrial hemp, it would be a proper subject of an EB-5 visa (invest $1 million and create 10 jobs, which will increase to $1.8 million on November 21, 2019), an EB-1C visa (one year in a managerial or executive capacity outside the United States to be continued in the United States), an E-1 visa (nationals of particular countries intending to engage in international trade), and an E-2 visa (nationals of particular countries to invest substantial capital in a U.S. business). “However,” he cautions,” “it is important to identify the source of the CBD, since synthetic CBD remains on Schedule V as a controlled substance.”

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