In the ever-expanding world of cannabis, few individuals bring a perspective as rare and compelling as Jeff Schultz. A former corporate and securities attorney in the hedge fund industry, Schultz’s transition into cannabis law is a fascinating tale of passion meeting professional expertise. What started as a curiosity back in 2017 has since blossomed into a thriving career, placing him among the nation's top cannabis attorneys.

Schultz’s fascination with cannabis sparked during a trip to Colorado in 2017, just after the state legalized adult-use cannabis. Long a fan of the plant, he was intrigued not only by its newfound accessibility but by the intricate legal and business hurdles that accompanied its legalization. “I was fascinated from day one,” he recalls, surprised by how rapidly the market was unfolding. Despite having 18 years of experience in hedge fund law, Schultz felt an undeniable pull toward cannabis, recognizing both the unique legal challenges and immense business potential the industry held.

In 2018, Schultz’s journey took a decisive turn when he met Sean Stiefel, the founder of Navy Capital, who was looking for a general counsel. The chemistry between them was instant, and Schultz soon found himself at Navy Capital, just as Canada was legalizing cannabis nationwide and California was rolling out its adult-use laws. At Navy Capital, Schultz gained invaluable insight into the rapid growth of the cannabis sector. “I got a bird’s-eye view of the industry, from public MSOs to early-stage investments,” he reflects, recalling his pivotal role in shaping the emerging market.

During his tenure, Schultz worked with notable companies like Connected, Alien Labs, and Cann, though not every investment was a home run. Despite these challenges, Schultz grew increasingly committed to the industry, especially as he became more involved in cannabis advocacy. By 2019, he was deeply engaged in shaping New York’s adult-use cannabis laws, advising industry leaders on the potential impacts of the state’s legalization efforts.

This advocacy work led him back to private practice, where he joined Foley Hoag, a national law firm renowned for its cannabis practice. With his expertise in corporate and regulatory matters, Schultz became a key figure in New York’s cannabis regulatory landscape, helping businesses navigate the early stages of legalization. His background in hedge funds proved invaluable, guiding operators and decision-makers through the evolving landscape.

A Rollercoaster in New York

On the rollout of New York’s cannabis market under the Marijuana Regulation and Taxation Act (MRTA) in 2021, Schultz acknowledges the state's ambitious goals, particularly those surrounding equity and restorative justice. However, he notes that execution has been less than smooth. “The MRTA was forward-thinking, but the rollout has been challenging,” Schultz observes. Delays in license applications and financial support left many operators, especially those from minority and women-owned businesses, struggling to stay afloat.

Yet, despite these hurdles, Schultz remains optimistic about the state’s future in cannabis. “We’re still in the early stages,” he says, pointing to New York’s expanding retail sector as a sign of progress. However, he also recognizes the difficulties ahead, noting that while some stores thrive, others falter. “The data can be skewed by the outliers. It’s going to be a long journey,” he adds with a realist’s understanding of the industry's growing pains.

The industry’s unpredictability has made it impossible to forecast with certainty. “I’ve stopped trying to predict it,” he says. “It’s a constantly shifting landscape, both legally and in terms of business. But cannabis is here to stay.” He’s confident that as more states legalize, the federal government will eventually have to take action—but exactly when that will happen, he’s not sure.

A hot topic in the cannabis world today is the influx of out-of-state brands into markets like New York. With many West Coast companies making their way to the Empire State, local producers have voiced concerns. Schultz, however, isn’t fazed. “It’s not an ‘us vs. them’ situation,” he explains. “The market will decide. If consumers want these brands, they’ll succeed; if not, they won’t.” He points to local brands like HPI and Flowerhouse, which have found success in the competitive market, proving that homegrown companies can thrive alongside national players.

Off the clock, Schultz takes a thoughtful and responsible approach to cannabis. As a father of two, he avoids consuming cannabis during work hours, opting for flower or edibles when the time is right. “I’m a parent, so I have to be responsible,” he says, explaining that cannabis has become a healthier alternative to alcohol in his life. With cannabis, he no longer experiences the hangovers that come with drinking, allowing him to wake up feeling refreshed.

As a father of two, Schultz is open with his children about cannabis, aiming to break down the stigma surrounding it. “I talk to my daughter about it like I would alcohol,” he shares. “It’s something for adults, legal when you're old enough, but it’s not harmless like other drugs.” For Schultz, honesty is key, ensuring that his kids understand both the limits and responsibilities that come with cannabis use.

The attorney isn’t entirely sure where the cannabis industry will take him, but he’s committed to being part of its evolution. “The cannabis industry is too dynamic to walk away from,” he says, reflecting on the exciting challenges that continue to unfold. Even as the legal landscape shifts, Schultz remains as passionate as ever about the industry’s potential.

With his extensive background in hedge funds, venture capital, and cannabis law, Schultz has become an influential figure, guiding clients through complex legal issues while advocating for a more equitable market. His journey from hedge fund lawyer to cannabis advocate is a powerful testament to the value of following one’s passion and leveraging professional skills. As the cannabis industry continues to evolve, Schultz’s voice will undoubtedly continue to shape its future.

For more, follow https://foleyhoag.com/people/jeffrey-schultz/ and LinkedIn