Cannabis banking reform secures landmark US Senate panel hearing

July 17, 2019
 

A key U.S. Senate panel will meet next week to consider steps that could make it easier for marijuana companies to obtain banking services, a move that could pave the way for crucial MJ reform. The July 23 Senate Banking Committee hearing – which took industry officials by surprise – includes Sens. Jeff Merkley, an Oregon Democrat,

Cannabis banking reform secures landmark US Senate panel hearing is a post from: Marijuana Business Daily: Financial, Legal & Cannabusiness news for cannabis entrepreneurs


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George Scorsis

Nothing Small about Junior Mining Company Galane Gold Ltd (CVE:GG)

July 17, 2019
 
Nothing Small about Junior Mining Company Galane Gold Ltd (CVE:GG)
Galane Gold Ltd (CVE:GG) (OTCQB:GGOF) CEO Nick Brodie joins Midas Letter to discuss the gold junior mining company’s latest developments. Galane Gold has two gold-producing mining operations located in South Africa and Botswana. The latter of the exploration sites produced over 36,000 ounces of gold, which represents its best annual output since 2013. The company’s Galaxy mine in South Africa is now operational after being purchased in 2015 with its first ore production achieved. The management team have ramp-up plans to expand the plant to 30,000 tonnes per month by next year. The CEO explains how Galane Gold is differentiated from its junior mining and exploration competitors due to the sheer scale and production of its operations. Galane Gold is also generating revenues and looking at “up to $100 million, in 2020 at today’s gold prices.” ************************ Check out our website: https://midasletter.com ************************ SUBSCRIBE to our YouTube: http://bit.ly/MidasLetterYoutube SUBSCRIBE to our 2nd YouTube Channel - Midas Letter Clips: https://bit.ly/2rtQzgy SUBSCRIBE to our Newsletter: http://bit.ly/MidasLetterNewsletter Download Our Podcast on iTunes: http://bit.ly/MidasLetterPodcast ************************ Follow Us on Twitter: http://bit.ly/MidasLetterTwitter Like Us on Instagram: http://bit.ly/MidasLetterInsta Like Us on Facebook: http://bit.ly/MidasLetterFacebook ************************ #WeedStocks #MidasLetter

George Scorsis

California government report finds regulators are unable to fully oversee the state’s marijuana market

July 17, 2019
 

A new audit by California’s Department of Finance found regulators have a long way to go before they have a solid handle on the state’s cannabis industry. The report concluded – despite having established a “structural foundation” for managing the legal marijuana industry – the California Bureau of Cannabis Control (BCC)’s “current status and location

California government report finds regulators are unable to fully oversee the state’s marijuana market is a post from: Marijuana Business Daily: Financial, Legal & Cannabusiness news for cannabis entrepreneurs


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George Scorsis Aphria

Dealing with Cannabis Agencies or Municipal Governments? Learn Your Regulatory Language

July 17, 2019
 

cannabis regulatory agency litigationCannabis companies in regulated states like California often find themselves needing to report to their licensing agency or the municipal government that gave them permits when it comes to pretty much any change in their business, owners, or financiers. These communications typically include:

  • Requesting to modify business operations or their premises
  • Reporting changes to the business
  • Reporting the addition or change of owners or financial interest holders
  • Asking questions about the agencies’ interpretation of rules
  • Self-reporting potential rule violations in order to mitigate potential enforcement
  • Responding to allegations from agencies that rules have in fact been violated

In any of these situations—or in virtually any other situation where a cannabis company is interacting with a state or local agency—it’s important to know exactly how to interact with regulators and what exactly to say and how.

First, what you say to regulators matters. A lot. Our cannabis attorneys have seen licensees ask routine regulatory questions, only to be told that they are violating some obscure rule, which jeopardizes the license. It’s often a challenge to communicate with agencies or governments, but that’s especially so for cannabis companies that don’t have a firm understanding of the applicable laws, regulations, and guidance materials (and especially often buried FAQs) that agencies may rely on to interpret their own rules (such as final statements of reasons for rules, guidance issued in press releases, etc.). While there are situations where even the most seasoned experts can’t avoid enforcement by the agencies, it’s still important to understand the rules before you ever open your mouth to a regulator.

Second, when you communicate with agencies or governments, you are creating a record that can either be used by you or against you. If a cannabis company ever finds itself in a position where it needs to appeal an agency decision, the communications it’s had with the agency on a specific point will be relevant in that appeal. The cannabis company will want the neutral evaluator to see that the company adequately explained how it was in fact complying with the agency’s rules or taking steps to mitigate any potential rule violation before the agency penalized it. If you have an opportunity to effectively communicate with an agency and make your case in writing, you shouldn’t hesitate.

Third, and most importantly, if a rule violation penalty is inevitable, you’re going to be neck-deep in the Administrative Procedure Act of your state, which is pretty difficult to sort on your own. Prosecuting an administrative appeal requires fairly significant litigation experience as well as a deep understanding of an agency’s rules and general administrative procedures. These appeals can carry serious consequences if not charted properly, so get your administrative appeal plan and strategy together now.

The bottom line is that regulatory compliance hinges a lot on your communications with your direct government overseers, and you need to learn the dance of how to interact with those regulators accordingly before you find yourself wading into serious rule violations from which you cannot recover.


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george scorsis

Khiron Life Sciences Corp (CVE:KHRN) Only Revenue Generating Colombian LP

July 16, 2019
 
Khiron Life Sciences Corp (CVE:KHRN) Only Revenue Generating Colombian LP
Chris Naprawa, the President of Khiron Life Sciences Corp (CVE:KHRN) (OTCMKTS:KHRNF) (FRA:4KH), visited Midas Letter to address the internet rumours speculating that the company has not registered its seeds with the Colombian regulators when, in contrast, Khiron has five separate strains registered at this moment with further strains soon to start the process. While misguided rumours circulate online, Khiron is still the dominant integrated cannabis company in Colombia. The company's potential addressable patient network is over 1 million individuals represented by over 5,000 doctors through six medical association endorsements. Khiron's Wellness line, Kuida, also has distribution agreements with the largest retail outlets throughout Colombia, with over 176 points of sale. The Khiron President is not focused on the summer doldrum market selloff and is concentrating his efforts towards the company's patients and consumers by executing on growing the business. ************************ Check out our website: https://midasletter.com ************************ SUBSCRIBE to our YouTube: http://bit.ly/MidasLetterYoutube SUBSCRIBE to our 2nd YouTube Channel - Midas Letter Clips: https://bit.ly/2rtQzgy SUBSCRIBE to our Newsletter: http://bit.ly/MidasLetterNewsletter Download Our Podcast on iTunes: http://bit.ly/MidasLetterPodcast ************************ Follow Us on Twitter: http://bit.ly/MidasLetterTwitter Like Us on Instagram: http://bit.ly/MidasLetterInsta Like Us on Facebook: http://bit.ly/MidasLetterFacebook ************************ #WeedStocks #MidasLetter

George Scorsis website

Chart: Most wholesale cultivators competing on marijuana quality

July 16, 2019
 

Many wholesale cannabis growers choose to compete on quality, even while market forces favor growers who can reliably supply low-cost cannabis. Nearly half of U.S. cultivators are attempting to make high-quality flower their key differentiator, according to the recently released 2019 Marijuana Business Factbook. But with flower sales on the decline, the market likely will

Chart: Most wholesale cultivators competing on marijuana quality is a post from: Marijuana Business Daily: Financial, Legal & Cannabusiness news for cannabis entrepreneurs


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George Scorsis

California county raids huge illegal marijuana grow

July 16, 2019
 

Yet another California county raided an enormous cannabis grow, seizing a whopping 9,000 unlicensed plants. This one – which took place in wine country’s famed Sonoma County – is part of an ongoing effort against the illicit market, the San Francisco Chronicle reported. Sonoma County officials have shuttered 863 unlicensed MJ grows in the past

California county raids huge illegal marijuana grow is a post from: Marijuana Business Daily: Financial, Legal & Cannabusiness news for cannabis entrepreneurs


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George Scorsis Liberty Health Sciences

Cannabis firm Valens beats expectations with CA$8.8 million quarterly revenue

July 16, 2019
 

Valens GroWorks’ revenue shot up nearly threefold to 8.8 million Canadian dollars ($6.7 million) in the last fiscal quarter on strong demand for its white-label services ahead of Canada’s infused cannabis market launch later this year. The revenue was ahead of analyst expectations. Adjusted earnings before interest, tax, depreciation and amortization (EBITDA) came in at

Cannabis firm Valens beats expectations with CA$8.8 million quarterly revenue is a post from: Marijuana Business Daily: Financial, Legal & Cannabusiness news for cannabis entrepreneurs


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George Scorsis

Cannabis firm Arcview gets $7.7 million funding, new ownership

July 16, 2019
 

Dallas-based marijuana investment firm Cresco Capital Partners and another private equity group are taking control of The Arcview Group, an MJ investment company in Oakland, California.

Cannabis firm Arcview gets $7.7 million funding, new ownership is a post from: Marijuana Business Daily: Financial, Legal & Cannabusiness news for cannabis entrepreneurs


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George Scorsis website

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