As medicinal and adult-use cannabis become legalized in more states, the industry is growing more lucrative and, by extension, more appealing to fund managers. Notwithstanding the complex landscape of state and federal laws, however, there are a number of compliance and fundraising hurdles that fund managers need to confront before entering the fray. Those complications will only grow and evolve with time as the legal landscape continues to shift amid efforts to support more widespread legalization of cannabis. In light of those developments, Seward & Kissel hosted a webinar featuring partners Jaimie L. Nawaday and Kevin Neubauer to address relevant considerations for PE sponsors looking to invest in the cannabis industry. This second article in a two-part series identifies compliance and fundraising considerations for managers entering the cannabis space, in addition to forecasting the future of cannabis legislation. The first article assessed the current state of private funds and the cannabis industry, along with evaluating state and federal legal complications. See “Sadis & Goldberg Program Gets Into the Weeds on the Promise and Perils of Cannabis M&A” (May 21, 2019).