In a corporate context the Board of Directors (the “Board”) is the most important governing body for the corporation. The Board holds ultimate responsibility for the business and affairs of a company. Other than items also requiring the vote of the shareholders, the business and affairs of the corporation are managed, and all corporate powers are exercised by or under
Types of Financings for Cannabis Businesses Financings for cannabis businesses can take different forms. There are debt financings and equity financings. Debt Financings Debt financings often are documented in instruments such as promissory notes (whether simple loans with interest that accrue and mature, or loans convertible into equity on certain events or otherwise mature). Equity Financings Equity financings often are
Recently the U.S. Supreme Court rendered its decision in Lamps Plus, Inc. v. Varela, 587 U.S. ____ (2019), reported at 2019 WL 1780275, a case with at least three striking lessons: Lesson #1 Because arbitration agreements are formed by contract through mutual consent, parties negotiating arbitration agreements should pay very careful attention to the specific words used in the contract.
Sometimes California’s cannabis laws can be surprising, even to the experts. Our firm came across one example of this recently: Section 26065 of MAUCRSA (Cal. Bus. & Prof. Code § 26065), which provides simply that employees “engaged in the cultivation of cannabis under this division shall be subject to Wage Order No. 4-2001 of the Industrial Welfare Commission.” A Brief
The City of Los Angeles’ Social Equity Program (SEP) Eligibility Verification Process opens today and will be open for 60 (sixty) days. Potential Social Equity Applicants MUST complete the SEP Applicant Eligibility Verification Process in order to be eligible to apply for SEP Priority Processing for Phase III Storefront Retail and Delivery licenses. All those that become verified during the SEP
Receiving a letter from the IRS, any letter, can be a fear inducing experience. But receiving a letter informing that you are under audit and requesting – nicely at first – that you produce all books and records for the year(s) under review can be particularly devastating. It’s possible that you contemplated an audit for items of tax that you
On December 20, 2018, the Agricultural Improvement Act of 2018 was signed into law, which removed hemp from the Controlled Substances Act and ensured that hemp is no longer an illegal substance under federal law. You can find more information on the Agricultural Improvement Act of 2018 here. FDA’s Potential Regulatory Pathways for Hemp-Based CBD On April 2, 2019, the
Decisions, decisions! Businesses often wonder where to start in connection with pulling together corporate paperwork for initial operations, including as to how they should structure their businesses and what entity type to choose. Many new entrepreneurs don’t have a broad understanding of how different types of entities operate and why it’s important to consider a variety of factors when choosing
The 2019 California Cannabis Control Summit, a gathering of municipal officials from across the state, focused on the various regulatory and enforcement challenges brought forth in the first year of California’s cannabis legalization through the Medicinal and Adult-Use Cannabis Regulation and Safety Act (MAUCRSA). This year’s summit, held in Sacramento, brought together a wide array of municipal officials – mayors
On April 1, 2019, the Pomona City Council met and adopted Ordinance 4257, which makes it possible for the City to permit commercial cannabis businesses within City limits. While there are still a number of things for the City to decide, including: how many permits will be issued for each type of commercial cannabis use, when permit applications will be
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