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7/24/2015
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Vol. 36, No. 30
Entire contents © 2015 by Crain Communications Inc.
$2.00/JULY 27 - AUGUST 2, 2015
Cleveland school district is hoping for more collaboration from the charter school community — P. 3 Hyatt Regency Cleveland owners surface as potential buyers of iconic downtown Renaissance — P. 4
Building a budding business in pot law By JEREMY NOBILE jnobile@crain.com
CONTRIBUTED PHOTO
Cleveland Indians season-ticket holder Jeff Thomas believes his seats in Section 254, which offer this view of the action at Progressive Field, are the best value in the ballpark.
Changing view of Tribe Renovations likely will include removal of seats under overhang By KEVIN KLEPS kkleps@crain.com
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Jeff Thomas thinks the Cleveland Indians season tickets he has in the fifth row of Section 254, which offer a perfect view of home plate, are the best “dollar-for-dollar” deal at Progressive Field. There’s just one problem: He’s been told his seats won’t be around in 2016. According to three Tribe customers who spoke with Crain’s, the Indians recently notified seasonticket holders in the 200 level at Progressive Field — the 13 sections of seats under the overhang that stretch from home plate down the third-base line — that they are re-
moving those seats to open up the main concourse. The work would be part of the second phase of renovations at the 21-year-old ballpark, which underwent a $26 million, privately funded facelift prior to the 2015 season. The Indians are being much more cautious when it comes to discussing specifics for the next stage of Progressive Field enhancements, which are expected to include a new scoreboard and sound system. “When we announced the renovations (last August), we said there would be more phases,” Tribe senior director of communications Curtis Danburg told Crain’s. “It’s very similar to what we did last
year.” When asked about the removal of seats in the 200 sections, Danburg would only say that the Indians have notified a “targeted” group of season-ticket holders that they might need to be relocated next season. “We’re being proactive with those who might be affected,” Danburg said. Thomas, who owns Alpha Asset Management in Akron, said his season-ticket representative from the Tribe made it sound as if the transformation was much more of a given. “They basically told me that they are removing all of the seats under See TRIBE, page 21
When Cleveland attorney Kevin Murphy attended his first medical marijuana conference, he was largely expecting to see a crowd of young 20-somethings in flip flops and clothes covered in bright pot leaves. A childhood pal — who would eventually go on to start his own business insuring companies tied to the cannabis industry — encouraged Murphy to join him at the New York conference. The two had a mutual friend who just started a dispensary in San Diego, and the duo set out to see what they could learn about the budding industry, cognizant of the possible business prospects. This was about six years ago. Murphy had just started at Walter | Haverfield LLP at the time. And he was wary how his fellow partners would respond to his interest in the marijuana industry. When Murphy’s friend offered to cover his travel expenses, though, reluctant and skeptical, he decided to tag along. And he was pleasantly surprised with what he learned. “When I went, I was really blown away,” Murphy said. “You’re expecting people in marijuana hats, people stoned out of their minds, like maybe it was a big vacation in New York for a bunch of hippies. But it was not. It was a lot of lawyers and investment bankers.” That’s when it clicked for Murphy: Cannabis had strong potential as a legitimate industry. The conference showed interest was high on the East Coast with businesspeople at a time when the only legitimate market was on the other side of the country. “I knew it was going to be huge,” he said.
See how it develops Marijuana, now a multibilliondollar industry, is not entirely mainstream, but it’s getting there.
“We don’t touch the plant. We’re negotiating documents. And we’re doing it in states where it’s legal. Sure, there is some risk, but because there’s risk, there’s a lot of reward.” – Kevin Murphy attorney, Walter | Haverfield LLP
More than 20 states have approved medical cannabis. Recreational use is gaining traction. And as businesses pop up around the country to support the industry, from dispensaries and cultivation centers to related products like smell-proof bags and grow lights, lawyers like Murphy are carving out niches representing those firms. After the conference, back at Walter | Haverfield, Murphy shared his enthusiasm to work with cannabisrelated companies. His colleagues encouraged his efforts. Shortly after beginning those efforts, Murphy was counseling his See LAW, page 13