In the days of the Armada, a fleet of warships, the scuttlebutt was the rumor or gossip that would spread throughout the ship. Today, Armada Law Corp presents The Scuttlebutt, a daily summery of news articles that people within the cannabis, hemp and plant medicine industries are chatting about along with links to the full articles.
In today’s news:
#californiacannabis – “High taxes, the cost of obtaining a license and the lack of resources devoted to enforcement action against illegal operators seem to be among the reasons for the struggling market in California, which recently celebrated the sixth anniversary of legalizing recreational cannabis.
Moreover, many illegal operators get away only with a slap on the wrist when caught, which allows them to resume operations.”
#cannabisindustry – “The New Mexico Finance Authority created a $5 million pilot loan program in April to gauge the needs of the smallest operators in the state’s newly regulated recreational cannabis industry.
So far, however, just $80,000 has been disbursed to licensed microbusinesses, in large part because many applicants don’t meet the strict criteria to qualify.
They lack the 90% collateral required to secure their loans, said Ryan Decker, a policy and capital strategist with the finance authority.”
#cannabisindustry – “The Bloomberg Law article cited above suggests that the illegality doctrine should not apply to cannabis patents, for the following reasons:
First, the illegality doctrine does not apply to cannabis patents, since the rights granted under these patents are not the fruit of a crime.
It also is not illegal to get U.S. patents for research and development on cannabis done in Canada or overseas, e.g., the U.S. patents issued to GW Pharmaceuticals covering its Epidiolex drug. Cannabis patents can, and in many cases do, result from perfectly legal conduct that cannot be equated to a private division of loot between two crooks.”
#psychedelics – “But for some industry watchers and business developers, and even in some respected mainstream publications like The Economist, it’s beginning to look like 2023 may be the year when the world starts paying more attention to what is going on in the psychedelics industry.
And even with the uncertainties, no one is backing down from predictions about a multi-billion dollar psychedelics industry developing over the next few years.”
#californiacannabis – “The owner of a Los Angeles cannabis dispensary is asking a California state judge to issue a $3.8 million judgment against the business’s founder after she was found to have cheated him out of usage of the license, preventing him from securing a recreational marijuana business.
Cobby Pourtavosi, the operator of cannabis dispensary St. Andrews Pharmacy LLC, asked Los Angeles Superior Court Judge David Sotelo to impose the multimillion-dollar judgment against Kathy Smith for illegally diverting Pourtavosi’s cannabis business license, according to a notice he filed with the court last week. Pourtavosi is asking for $950,000 for the value of the license and for treble damages, according to the Dec. 27 filing.
At the end of an eight-day bench trial, Judge Sotelo ruled in favor of Pourtavosi, finding that Smith had engaged in fraudulent conduct when in 2013 she took control of the cannabis business license, which she originally obtained in 2007.”