Frank A. Segall

Partner | Chairman, Business Law | Chairman, Cannabis Business & Law Advisory


Chairman of the Business & Finance Groups and Cannabis Business & Law Advisory, Frank A. Segall has been instrumental in building Burns & Levinson’s reputation as a go-to corporate law firm. With a strong background in finance and business operations, he negotiates complex business deals, including mergers, acquisitions, sales, syndications, loans, restructuring, and equity investments. He works as outside general counsel to businesses throughout the world and has deep expertise in a broad base of sectors, such as manufacturing, technology, transportation, and retail. In 2022, he was named a “Cannabis MVP of the Year” by Law360 and a “Go To Business Transaction Lawyer” by Massachusetts Lawyers Weekly.

Frank is nationally renowned for his pioneering work with the cannabis industry, co-founding and leading Burns & Levinson’s Cannabis Business & Law Advisory Group. He was one of the first prominent corporate lawyers to enter the cannabis industry in 2012 and has been at the forefront ever since. He has created a national practice for this fast-growing industry, assisting with such matters as business formation and corporate structuring, capital raising, and mergers and acquisitions.

Read More


J.D., Columbia University, 1984

B.A., cum laude, Brandeis University, 1981



U.S. District Court, Massachusetts

honors & awards

Lawdragon 500 Leading Dealmaker (2024)

Named a “Cannabis MVP of the Year” by Law360 (2022)

Named a “Go To Business Transaction Lawyer” by Mass Lawyers Weekly (2022)

Modell Award, Crohn’s & Colitis Foundation (2021)

Named a “New England Trailblazer” by Am Law (2019)

Named a “Cannabis Trailblazer” by the National Law Journal (2018)

Massachusetts Super Lawyers


M&A Transactions

  • Mergers, acquisitions and sales of a variety of companies and commercial assets with transactions ranging from several million dollars to over $500 million
  • $500 million acquisition of international distribution company
  • $285 million acquisition of 500 unit franchise company
  • $185 million sale of consumer products company
  • $150 million roll up of several distribution companies in 36 months
  • $100 million sale of specialty chemicals company
  • $100 million sale of distribution company
  • $80 million merger of several professional firms
  • $50 million sale of plastic injection molding company
  • $60 million acquisition of finance company
  • $45 million sale of plastics molding company
  • $20 million simultaneous roll up of three data storage companies
  • $20 million sale of Massachusetts high tech company
  • $20 million sale of distribution company
  • $20 million sale of parking solutions company
  • $10 million sale of chemical distribution company
  • $10 million leveraged buy-out of asset management company


  • Represented client in bridge financing and business combination with two companies to create a new entity, one of the largest leading California cannabis companies
  • $50 million acquisition of equipment and extraction solutions companies
  • $9 million acquisition of cannabis extraction equipment company
  • Represented numerous clients in capital raises and debt financings to fund acquisitions and development of vertically integrated cannabis operations
  • Represented numerous clients in acquisition of cannabis retail, cultivation, and product manufacturing operators 
  • Represented lender in obtaining the first receivership of a cannabis operator in Massachusetts


  • Representing borrowers and lenders in billions of dollars of asset based, commercial and real estate financings and restructurings throughout the U.S. and internationally
  • Structured $200 million credit facility for major lending institution
  • Structured $150 million syndicated financing credit facility for major lending institution secured by multiple properties throughout the U.S.
  • Secured and structured $150 million warehouse line for lending facility and raised $3 million in equity
  • Secured and structured $70 million revolving line of credit facility for acquisition of company out of bankruptcy
  • Secured and structured $40 million financing for regional restaurant chain with over 100 ground lease and fee locations
  • Secured and structured $25 million acquisition financing for troubled manufacture
  • Structured $25 million financing secured by patent litigation

Real Estate

  • Development, acquisition, financing, sale and leasing of one million square foot office complex and millions of square feet of office, industrial and residential complexes

Distressed Structured Deals

  • Represent a variety of lenders and companies in restructurings, workouts, bankruptcy liquidations and recovery matters
  • Represented client in the acquisition and financing of four brand companies in approximately 120 days through a combination of assumption of debt, new financings and article IX strategies
  • Secured $20 million of senior and junior debt to refinance client from its current lender avoiding protracted workout and assisted in restructure and sale of manufacturing business
  • Secured buyer and structured liquidating sale of manufacturer to maximize recovery to shareholders
  • Structured repurchase of company by founder within 12 months after his sale to buyer including arranging for secured debt lender to remain in transaction
  • Secured senior debt, mezzanine debt and equity for manufacturer in bankruptcy and assisted its recovery from bankruptcy
  • Structured investment and acquisition of majority control in distressed manufacturing company and restructured debt


Boston Bar Association

Massachusetts Bar Association



“SAFER Banking Is Only the First Step on a Long Road”, Banker & Tradesman, October 2023

“Higher Law: Mixed Views on the Future of Federal Cannabis Legislation”, mentioned,, March 2023

“4 Cannabis Lending Strategies for Financial Institutions,” Law360, January 2021

“Is the Time Ripe for Lending to Marijuana-Related Businesses?,” Journal of Corporate Renewal, May 2019


“Needham Bank Plans to Grow Cannabis Banking,” Banker & Tradesman, February 2022

“Verano Valued at $2.8B in Go-Public Merger,” Law360, December 2020

“Reed Smith Steers Pot Tech Co.’s $40M Fund Round,” Law 360, December 2020

“Mass. Gov. Sued For Closing Cannabis Shops Due To Virus,” Law360, April 2020

“Snap Judgments,” Massachusetts Lawyers Weekly, January 2018

“Five Tips from Lawyers for Investing in Marijuana in Mass.,” Boston Business Journal, October 2017

“Three State-Chartered Banks Said to be Working in Marijuana Business, Banker & Tradesman, October 2017

“Banks Cautiously Enter Marijuana Industry Financing,” Banker & Tradesman, July 2017

“Looking for a Leg Up on the New Pot Business,” Boston Business Journal, February 2017


“Q&A: Business Financing During COVID-19,” Boston Citybizlist, March 2020

“In the Turbulent, Young Cannabis Industry, Legal Veterans Provide a Steadying Hand,” Corporate Counsel Business Journal, December 2019

“High-Times Ahead for Cannabis-Related Business,” Corporate Counsel Business Journal, November 2018

“Growing Their Own,” Metro Corporate Counsel, May 2017

speaking engagements

“Bankruptcy and Insolvency Issues in the Cannabis Industry”, panelist, 2023 Southeastern Bankruptcy Law Institute 49th Annual Seminar, March 2023

“Cannavest – Investing in The Big Apple’s Adult Use Market: Opportunities in New York State,” Moderator, CannaVest at MJBizCon, November 2022

“How to Prep for the Exit,” Panelist, Arcview Access Cannabis Investment, October 2022

“Fireside Chat Luncheon: The Anatomy of M&A Roll-ups and the California Market,” Interviewer, Burns & Levinson Sixth Annual State of the Cannabis Industry Conference, October 2022

“Spotlight Interview: Passing the Torch,” Interviewer, Burns & Levinson Sixth Annual State of the Cannabis Industry Conference, October 2022

“Fireside Chat with Steven Hoffman,” Interviewer, Burns & Levinson’s Fifth Annual State of the Cannabis Industry Conference, September 2021

“Executive Session,” Moderator, Burns & Levinson’s Fifth Annual State of the Cannabis Industry Conference, September 2021

“Keynote Interview with Narbé Alexandrian & Zachary George,” Moderator, Burns & Levinson’s Fifth Annual State of the Cannabis Industry Conference, September 2021

“Show Me the Money: The Ins and Outs of Funding,” Panelist, PBC Conference 2021, September 2021

“2021 Annual ABL Panel,” Moderator, Turnaround Management Association – Northeast Chapter, May 2021

“Keynote Interview with Mitchell Kahn and Joseph Lusardi,” Interviewer, Burns & Levinson’s Fourth Annual State of the Cannabis Industry Conference, October 2020

“Smoking Hot Topics: M&A, Investing, and Capital Raising,” Moderator, Burns & Levinson’s Fourth Annual State of the Cannabis Industry Conference, October 2020

“Fireside Chat with Steven Hoffman,” Interviewer, Burns & Levinson’s Fourth Annual State of the Cannabis Industry Conference, October 2020

“Episode 17: Lobey’s Roundtable,” Guest Speaker, Bob Lobel’s New England POTcast, October 2020

“Let’s Talk: Cannabis Banking,” Micro-Webinar Host, Burns & Levinson’s Cannabis Business & Law Advisory Group, July 2020

“Hemp + CBD | SBA + Lending,” Host, Webinar: Coast-to-Coast Regulatory Update with Vicente Sederberg LLP, April 2020

“Coronavirus + Cannabis,” Speaker, Webinar: Coast-to-Coast Regulatory Update with Vicente Sederberg LLP, March 2020

“The Cannabis Lawyers,” Guest Speaker, Bob Lobel’s New England POTCast, October 2019

“New Opportunities in Asset Based Lending; A Fresh Look at Cannabis, MCA
Finance and Factoring”, Moderator, 13th Annual Credit & Bankruptcy Syposium, May 2019

“The 2019 Money Talk: Banking + Investing in Cannabis”, Panelist, New England Cannabis Convention, March 2019

“Integrity is a Two-Way Street: Vetting Investments and Vetting Investors,” Panelist, National Cannabis Industry Association Seed to Sale Show, February 2019

“State of the Cannabis Industry,” Moderator, Burns & Levinson’s and Viridian Capital Advisors’ Second Annual State of the Cannabis Industry Conference, October 2018

“Cannabis and Banking,” Speaker, New England Association of Financial Professionals, September 2018

For numerous years, Frank has acted as the moderator at the Turnaround Management Association’s Asset-Based Lending Panel.