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:
#cannabisindustry – “In a complaint filed in a Los Angeles County court on Friday, investor Greg Levin accused Vincent Mehdizadeh, now going by Vincent Zadeh, of exercising control of Pineapple Ventures Inc. and its owner, Neu-Ventures Inc., through Pineapple’s CFO and director, Jaime Ortega, all of whom are named as defendants.
According to the suit, Levin inquired about investing in Pineapple Ventures in August 2019, and Zadeh responded by describing the business as “successful operators” in the cannabis industry for over a decade. However, Zadeh did not disclose he had agreed to the $12 million settlement with the SEC about two years prior, Levin alleged in his complaint Friday.
Levin noted in his filing that a part of the SEC settlement blocked Zadeh from serving as an officer of a public company while making untrue statements in connection with securities sales. To get around this, Levin did not list himself as a director of Pineapple Ventures, nor did he sign any of its agreements or documentation, and relied on Ortega for his signatures, the investor told the court.”
#psychedelics – “Psychedelics and Long COVID are a somewhat unlikely match. While there’s been a boom in psychedelic research in recent years, much of it has focused on mental-health conditions such as post-traumatic stress disorder, depression, and substance-use disorder. The research on psychedelics and Long COVID, by comparison, is negligible—and there’s a lot standing in its way. Psychedelic drugs are federally illegal, categorized by the U.S. Drug Enforcement Administration as substances with high potential for abuse and no accepted medical use.But research is growing.”
#psychedelics – “In one trial of 51 cancer patients, 60% of those who received a single high-dose psilocybin session achieved clinical remission for depression, and 52% did for anxiety. In comparison, 16% of those who received a placebo achieved remission for depression and 12% for anxiety. These effects were still maintained six months later.”
#cannabislaw – “In their complaint Sunday, the companies — Sancia Industries LLC, Maelynn Industries LLC, Isabella Industries LLC and Illumivaption Inc. — accused Kinsale Insurance Co. of breaching their contract by refusing to defend them in an underlying lawsuit from customers who allege damages from vape products sold by the companies
“Defendant did not inform plaintiffs that it had removed batteries from the coverage and did not ask plaintiffs prior to doing so,” according to the complaint.
The companies said they have been selling vape products since 2011 and have been insured by Kinsale for several years.
However, when they renewed their policies in October 2022, the vape companies said Kinsale excluded batteries from their coverage, despite being included on previous policies.”
#cannabisindustry – “Cargo insurance covers any cannabis-related products transported by the cannabis-related business or in its custody. Coverage pertains to seeds, seedlings, harvested crops, raw flowers, tinctures, edibles, vape pens, pipes, and any other paraphernalia, and may apply to cash or securities. Cargo insurance is designed to pay out the actual cash value of the shipment and covers any loss of income experienced due to theft, fire, or accident. It should be noted that seizure of goods by law enforcement is generally not covered.”