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Richard Burnham Elected to Board of Directors for Arizona Center for Nature Conservation
Founding Partner Richard Burnham was recently elected to the Board of Directors for the Arizona Center for Nature Conservation dba the Phoenix Zoo.
The Arizona Center for Nature Conservation operates the Phoenix Zoo and the South Mountain Environmental Education Center. The ACNC advances the stewardship and conservation of animals and their habitats while providing experiences that inspire people and motivate them to care for the natural world.
Dick has served on the board in the past from 1990 to 1999, when it was known as the Arizona Zoological Society, and from 1993 to 1996 he served as President.
Legislative Changes Help Rethink Restaurants and Bar Areas in Shopping Centers
Posted by Camila Alarcon
This year’s Liquor Omnibus Bill (H.B. 2281), signed by Governor Ducey on April 26, 2019, is chock-full of new alcohol licensing opportunities for retail centers. Restaurants and bars will be able to overlap liquor licenses and sell alcohol in shared spaces. For owners and managers of retail spaces of over 400,000 square feet, the Department of Liquor Licenses and Control will establish a pilot program to allow the consumption of alcohol throughout pedestrian common areas.
Both of these changes constitute a complete turnaround from the one business, one license rule.
Healthcare Attorneys Win Major Appeals Victory for Hospitals
Gammage & Burnham partners Cameron Artigue and Chris Hering won an important victory in the Arizona court of appeals on April 5, when the court clarified that hospital lien rights extend to and include “medpay” policies issued by auto insurance companies. Under Arizona law, hospitals have liens on the personal injury claims of their patients, as well as related claims on all types of insurance except for “health insurance.” An insurance company that pays out benefits without first satisfying the lien claim is liable to pay the hospital to satisfy its lien. Farmers Insurance issued a large medpay policy, which it paid to its insured policyholder without first satisfying the lien claim of G&B’s hospital client.
Changes in Cannabis Banking: What You Need to Know
Posted by Kevin Merritt
Since medical marijuana became legal in Arizona in 2010, operators in the industry have faced significant challenges in cash management and banking. At the time, effectively every financial institution refused to provide any services, since marijuana is still a Schedule 1 prohibited substance under federal law, with stiff penalties for possession, distribution and sale. As the result of that classification, every financial transaction involving the proceeds of the cannabis industry can arguably be considered money laundering under federal law. Times are changing, however…
As the legal landscape across the country has evolved, with 33 states now allowing either medical or recreational use of cannabis, the banking industry is starting to follow suit.
Opportunity Zones: New Guidance from the IRS
Posted by Chris Raddatz
The Internal Revenue Service (IRS) released its second batch of guidance late last month regarding “opportunity zones.” Opportunity Zones were created as part of the Tax Cuts and Jobs Act of 2017 to incentivize investment in designated, economically distressed communities. The 169 pages of proposed regulations provide additional guidance to investors, fund managers and others seeking to bring equity capital to operating and real estate businesses within the OZs.
While many investors and fund managers have been active in investing in the OZs, the lack of regulatory guidance has somewhat limited the activity, especially as to operating businesses (versus real estate investment).
