Many cannabis companies are finding themselves strapped for cash and in need of emergency funding or interim financings between larger equity raises. Often these fast funds come in the form of loans from either existing investors or family and friends. These loans, more often than not, tend to take the form of a promissory note. Promissory notes are instruments that
Earlier this month, Governor Newsom signed into law Assembly Bill No. 1291 (“A.B. 1291”), which amends Section 26051.5 of California’s Business & Professions Code to strengthen California’s pro-union requirements for cannabis companies. Specifically, the new law, which will go into effect on January 1, 2020, rewrites the express union organizing commitments cannabis companies must make as part of their state
This morning, the U.S. Department of Agriculture (“USDA”) released a draft of its interim final hemp rules. The interim rules for hemp production are effective immediately upon publication in the Federal Register, however the published version may include “changes” from the draft Interim Rules. The published USDA interim rules for hemp production will be effective for two years after publication
Wildfire Season in California With lives lost, property destroyed, and over half a million people facing power cuts, calling California wildfires disruptive would be an understatement. As of October 13, CAL FIRE reported 4,878 fires and over 46,996 acres burned for 2019. At least two people have been confirmed dead in wildfires in Southern California, officials say. Multiple fires are
Current Reporting Requirements for THC Concentration in California Presently, in California, the law is silent on critical areas regarding THC reporting requirements for industrial hemp. As defined in the 2018 Farm Bill and SB-153, industrial hemp consists of Cannabis sativa cultivars that contain a THC concentration of no more than 0.3%. Under federal and state law, industrial hemp includes both
The Bureau of Cannabis Control (“BCC” or “Bureau”)–one of the three main regulatory bodies governing the commercial cannabis industry in California–is responsible for licensing retailers, distributors, testing laboratories, microbusinesses, and temporary cannabis events. The Bureau of Cannabis Control licensees must abide by various regulations, including notification requirements that require licensees to contact the Bureau in the event of a triggering
SB-153, a bill regulating production of industrial hemp, is officially engrossed and enrolled, which means it is headed for Governor Gavin Newsom’s desk for signature. After being signed into law, SB-153 will govern hemp cultivation and testing in California. Key Provisions of SB-153 Include: Set registration requirements for hemp production. Revise the provisions regulating the cultivation and testing of hemp
Events that include retail sales and on-site consumption of cannabis aren’t just fun and games; these events also present an enormous financial opportunity for our clients. However, given the lengthy and extensive application process, we have compiled a list of the top 4 things to keep in mind for ensuring success in applying for a Temporary Cannabis Event license from
On September 17, Senate Majority Leader Mitch McConnell submitted language into a congressional spending report which will force the FDA to reveal their policy on hemp-derived CBD enforcement sooner rather than later. If approved by the Senate, the amended spending report could provide clarity for industry stakeholders and banks on the sidelines who eagerly await participation in the hemp-derived CBD
Know Your Stuff. It’s crucial that you come across as competent, professional and knowledgeable. For sophisticated investors, knowledge about the business doesn’t mean only knowledge about the product and the brand; it’s likely to also encompass knowledge regarding the business plan and vision, the corporate structure and capitalization, as well as financials and forecasts. Be Succinct and Distinguishable. There’s a
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