An article published this week in Business Insider features Davies partners Patricia Olasker and Brian Kujavsky among a select group of lawyers who have cut a trailblazing path into the booming cannabis industry.

The article describes how Davies’ involvement in the industry was driven by its clients, including Bank of America Merrill Lynch’s financing for Constellation Brands’ purchase of an initial stake in Canopy Growth, a publicly traded cannabis company.

More recently, Davies has ramped up its M&A work in the sector, particularly after Canada legalized recreational cannabis last year. “There were a lot of internal discussions as to how comfortable we were advising companies in the space, and how to get comfortable,” Brian explains.

The firm now advises cannabis companies, such as Canopy and Cronos Group, at the “senior end” of the market, says Patricia.

Looking forward, Patricia says consolidation will slow in the industry, but she expects to see a growth in deals involving tie-ups with consumer packaged goods, tobacco and pharmaceutical companies, either through joint ventures or strategic acquisitions.

“The holy grail for Canadian cannabis companies is how to get exposure to the U.S. market and not be offside stock-exchange requirements and anti-money-laundering regulations,” she adds.