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 – “New Jersey is the latest to take a hard line against delinquent operators, revoking cultivation and manufacturing licenses in early June from a company with unpaid fees.
It joins California, Michigan and Nevada, New York and Oregon in targeting such companies.
Some of these states are implementing enforcement measures, while others are taking steps to act.
The policy shift comes amid a challenging business climate for most marijuana operators across the country as recreational markets work through overproduction, falling wholesale prices, the tolls of high taxation and compliance as well as competition from unlicensed growers, retailers and manufacturers.”
#cannabislaws – Gun Rights – “The mother of a 6-year-old boy who shot his teacher in Virginia pleaded guilty in federal court Monday to using marijuana while possessing a firearm, which is illegal under U.S. law.
The federal crime is facing increasing scrutiny as more states legalize the drug. But federal prosecutors in Virginia said Monday that such laws protect communities.
Deja Taylor is accused of lying about her marijuana use on a form when she bought the gun, which her son later used to shoot Abby Zwerner in her classroom in Newport News. The first-grade teacher was seriously wounded and has endured multiple surgeries.”
#cbdindustry – “Charlotte’s Web co-founders Jesse and Joel Stanley are calling for the replacement of incumbent directors John Held, Jacques Tortoroli, Thomas Lardieri and Alicia Morga, according to a Monday statement. The Stanleys “understand that certain supporting shareholders,” together representing 24.66% of the company, have also submitted instructions to withhold votes, according to the statement. One of those shareholders is the MLB, which became an official partner of Charlotte’s Web in October.
The statement proposes replacing the four incumbent directors with Joel and Jesse Stanley, Lynn Kehler and Angela McElwee.
“Without urgent action today, the future of Charlotte’s Web is at risk. We call on the Charlotte’s Web board and the four incumbent directors, who will fail to achieve majority support, to put shareholders first and to do the right thing by stepping down and avoid delaying change,” Joel Stanley says in the statement. “Shareholders have seen the value of their investments collapse and the stock price is trading at an all-time low. The company is in need of a refreshed board, and we have the right people to take on the huge challenges that lie ahead, in order to restore shareholder value.””
CBD Co. Charlotte’s Web Co-Founders Seek Board Shake-Up: https://www.law360.com/articles/1687634?utm_source=android&utm_medium=android&utm_campaign=android-shared
#cannabisindustry – “According to OLCC sources, the rule will mandate all new retailer license applicants and existing retailer license renewals to obtain a Tax Compliance Certification, demonstrating compliance with all state tax requirements, before the OLCC can approve the application. The requirement would apply to all “applicants” under OLCC rules, which generally includes individuals and entities with direct or indirect ownership stakes of 20% or more, as well as those with direct operational control over the licensed entity. Failure of any single applicant to demonstrate tax compliance will result in “inactivation” of the application. However, sources have confirmed that there will be a mechanism for licensees to remove certain applicants from the license who are unable to meet the tax compliance requirements.”
#cannabislawsuit – “A pair of former employees at a California marijuana company who tried to blow the whistle
on millions of dollars worth of cannabis counterfeiting and diversion are now facing a lawsuit from their ex-boss, who denied all wrongdoing and claims instead that the two employees were thieves.
The cross-complaint, filed May 1 in Sacramento County Superior Court by Top Shelf, dba Cannazon, levies seven charges against George Engers and Garrett Webb, including fraud, misappropriation of trade secrets, breach of fiduciary duty, and more. The suit charges that the two stole an undetermined amount of money that should have been paid to the retailer’s suppliers, and seeks damages of at least $250,000.”