The Cannabis Business Coach Podcast Episode 61: Zack Kobrin, Saul Ewing LLP
The Cannabis Business Coach Episode 61: Zack Kobrin, Saul Ewing LLP
From a $2.1 Billion Merger to the Hemp THC “Wild West” and the Future of Cannabis, A Top Cannabis Attorney Shares His Insights
In this episode of The Cannabis Business Coach Podcast, host Michael Zaytsev (Professor Z) talks with Zach Kobrin, Partner at Saul Ewing LLP and the former General Counsel who steered Trulieve’s $2.1 billion acquisition of Harvest Health, the largest completed deal in U.S. cannabis history.
Zack traces his journey from helping win one of Florida’s inaugural licenses to quarterbacking multi-state M&A at break-neck speed. He explains why NASDAQ and the NYSE are the biggest brake on industry growth, breaks down the booming yet fragile market for hemp-derived Delta-9 products, and shares the deal-making lessons every operator, investor, and advisor should know before the next consolidation wave hits.
The conversation also covers the rise of hemp-derived THC products, the logistical challenges for new mainstream entrants like Edible Arrangements, and the differences in lobbying power between the hemp and marijuana sectors of the industry. The episode concludes with Zach offering advice for entrepreneurs on choosing a lawyer and his key takeaways from negotiating major deals in the cannabis space.
Topics Discussed:
🏢 The experience of working as an in-house lawyer for multi-state cannabis operators.
🎢 The current climate of the cannabis industry for operators, investors, and deals.
🤝 The potential for consolidation and the role of large, mainstream companies.
⚖️ The distinction and relationship between the hemp-derived and state-regulated cannabis markets.
🚚 The logistical and business model implications of mainstream brands entering the cannabis space.
💰 The investment landscape in the cannabis industry and advice for potential investors.
💼 Lessons learned from negotiating a $2.1 billion acquisition.
🗣️ Advice for entrepreneurs on selecting the right legal counsel.
Noteworthy Quotes:
"If your lawyer's making your life more complicated, they're not doing a good job. Full stop."
"The industry is too big to fail, too big to go away."
"A lot of cannabis operators don't know what they're doing. They just don't.
“Good lawyers aren’t cheap and cheap lawyers aren’t always good.”
About Zack Kobrin:
Zachary Kobrin is a Partner at Saul Ewing LLP. Drawing on his experience as a former general counsel for two companies, Zack Kobrin is a transactional and regulatory lawyer who understands that business clients want practical advice on how to complete deals and navigate complex statutory and regulatory regimes affecting their growth and daily operations. Zack is the former vice president and general counsel for Trulieve Cannabis Corp., where he led and managed the company’s in-house and outside legal team in a $2.1 billion acquisition that turned the company into one of the largest cannabis operators in the United States. He also previously worked as general counsel and chief compliance officer for Cansortium Holdings LLC, a multinational cannabis company focusing on medical uses.
While Zack is a trusted legal advisor to a variety of industries, his knowledge and experience is particularly deep in the cannabis industry. Businesses ranging from multi-national cannabis companies to start-ups and ancillary support companies look to Zack for advice on business formation and development, corporate organization and structuring, and complex contract negotiations. A sampling of his transactional experience includes overseeing the formation of more than 20 cannabis-related companies across multiple states and countries and assisting a U.S. cannabis operator with the preparation of their initial public offering on the Canadian Securities Exchange. On the regulatory and compliance side of his practice, Zack advises on issues such as crafting and seeking approvals for licensing applications and transfers and preparing and filing federal and state regulatory registrations. He also helps clients develop corporate infrastructure and governance models, regulatory and banking compliance protocols, as well as navigate insurance issues.
Zack is also a member of the board of directors for the International Cannabis Bar Association, and he speaks frequently at business, legal and industry events for cannabis, marijuana, hemp and psychedelics companies.
Connect with Zachary Kobrin
Website: https://www.saul.com/professionals/zachary-r-kobrin
LinkedIn: https://www.linkedin.com/in/zachary-kobrin
Additional Resources:
📚 Michael Zaytsev’s The Cannabis Business Book
🏫 LIM College: Business of Cannabis Degree Programs
This episode is a must-listen for entrepreneurs, investors, and anyone interested in the legal and business aspects of the cannabis industry. Entrepreneurs will find valuable advice on navigating the complex regulatory landscape and choosing the right legal partners. Investors will gain a deeper understanding of the market's volatility, the challenges of debt-ridden companies, and what to look for in a strong management team. Anyone curious about the future of cannabis will appreciate the discussion on the potential for federal policy changes, the role of large corporations, and the ever-present "cat and mouse game" between regulators and innovators.