Washington, D.C., Jan. 21, 2020 – The Securities and Exchange Commission today announced charges against Guy S. Griffithe and Robert W. Russell, and three companies they controlled, for an alleged scheme that defrauded investors who thought they were purchasing interests in a Washington-licensed recreational cannabis company out of approximately $4.85 million.
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Cannabis Law Report is investigating if an executive at a Canadian Cannabis company, that is publicly traded, was involved behind the scenes to help Grizzly Research with their research for the Trulieve short report and there’s also the possibility that capital was provided to set up a short position against Trulieve.
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Teri Buhl reports at her publication, “A private text exchange between an Aphria deal lawyer and a member of the board calls into question the accuracy of an regulatory filing with the Securities and Exchange Commission about a bid cannabis company Green Growth Brands made to takeover Aphria.”
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The interviewer asks about pending lawsuits and Dowty says the board is currently happy with what’s in play. The merger is to happen in February / March but Dowty does say, “Don’t quote me on that.” From his comments in this video it looks like Dowty & team are going to take over the day to day operations of Folium and Shan will be Chairman.
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The final part of our 3 part series by Teri Buhl about Colorado CBD outfit Folium Biosciences. The CEO of Folium Biosciences, Kashif Shan, is accused of violating a cease and desist order issued by the Colorado Spring fire department who had attempted to shut down the company’s CBD extraction plant because many regulations and safety codes were being ignored by the company and its senior management team. Brett Lacey, CS Fire Marshall, confirmed for Cannabis Law Report that his staff had tried to serve Shan a summons for a criminal misdemeanor for continuing to extract THC from their industrial hemp when under the C&D order but Shan dodged the summons for a year and the statute of limitations subsequently ran out.
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Teri Buhl writes for Cannabis Law Report, “A real estate entrepreneur from Texas, Robert W. Mertz, is being accused of civil theft and conspiracy for keeping hundreds of thousands of dollars from the sale of unhealthy hemp clones to a Colorado farm and using the money to improve his hemp farm infrastructure so the two year old farm could be flipped and sold. In September, MTN Botanicals, based in Fort Collins Co., sued Mertz, his head grower, head of sales and the company which is known as National Hemp Exchange in Colorado district court in the county of Rio Grande. Since the lawsuit the entire crop of clones sold by National Hemp Exchange, worth around $600,000 resulted in a loss and MTN Botanicals now wants triple damages. The lawsuit accuses Mertz of basically running his hemp farm as a Ponzi scheme.”
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Washington, D.C., Dec. 9, 2019 – A Colorado stock promoter and two of his companies agreed to pay $4.2 million to settle the U.S. Securities and Exchange Commission’s charges for fraudulently promoting and trading a cannabis stock. On Dec. 5, 2019, the U.S. District Court for the District of Colorado entered the final judgment. The SEC have revealed in a press release today.
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Sol Global has ownership in the company HeavenlyRX and negotiates a lot of their contracts and one of their brands TRUWOMEN has put out a number of products, bars & proten powder that has been found to contain lead according to tests undertaken by The Environmental Research Center in San Diego. We have pictured these products for you so you know what to avoid . There are currently two lawsuits in play.
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Folium Biosciences, based in Colorado, is one of the US’s largest privately owned CBD processing companies. As the demand for CBD has risen from many sectors of the US & international economy over the last 36 months, so, it seems, has the desire to process business without the normal checks and balances.
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Teri Buhl Smashmouth Investigative Journalism writes, “Aphria interim CEO Irwin Simon worked a backroom deal to off load the companies stake in U.S. cannabis investments with Canadian mega million Michael Serruya before he took over the CEO job at the Canadian marijuana company.”
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A foreign investor in the cannabis sector published a report this week detailing how Andy Defrancesco and a gang of high net worth investors set up complicated private transactions securing dirt cheap stock in the company Sol Global Investments
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Teri reports, “Cannabis Investor and mega Canadian millionaire Michael Serruya was hauled into the Ontario Securities Commission office last year after the Canadian regulator subpoenaed him for an on record interview and demand document production. The securities investigation centered on a Mississauga, Ontario-based coffee shop chain called Les cafés Second Cup.”
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Teri also notes in her piece, “With the announcement of Serruya family member Adam Wilkes being added as Sol Global COO today ,and Andy Defrancesco out, it’s unclear who is truly running the company.” Here at CLR we’re keeping a closer eye on the Serruya operations as their tentacles appear to be spreading ever wider throughout the North American regulated cannabis market.
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Teri Buhl writes for Cannabis Law Report. A wholesale CBD oil company, called Folium Biosciences, is being accused of siphoning off cash to its founder Kashif Shan and another top executive in a lawsuit filed this week in Colorado state court.
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Teri Buhl writes for Cannabis Law Report, ” Three South Florida men have been arrested as part of a ring of cannabis stock manipulators by the Northern Ohio Department of Justice. Charles Vaccaro, Eli Taieb, and Dror Svorai were all charged with securities fraud, wire fraud, and conspiracy after two FBI agents went undercover posing as bad actors willing to funnel the trio’s illegal stock gains back into their U.S. bank accounts.”
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Teri Buhl , Smashmouth Investigative journalism writes, “Cannabis company Sol Global Investments ($SOL.cn $SOLCF) posted positive net income in their year end financials but failed to discloses key details about one of their most valuable assets which is their shares of Verano. The Toronto based company is run by controversial investor Andy Defrancesco in the role of Chairman and Chief Investment Officer and his side kick a former Florida lobbyist, Brady Cobb, who serves as CEO…….. People familiar with the company say Andy Defrancesco is expected to resign soon from the Sol Global board”
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By Teri Buhl: Sol Global Investments and its chairman Andy DeFrancesco were recently named as defendants in a class action lawsuit brought by shareholders in Canadian cannabis company Aphria. The lawsuit accuses DeFrancesco of self-dealing and hiding his true ownership of stock and assets that gave him a controlling interest in South American cannabis farms (called LatAM assets) that he benefited from when they were sold to Aphria at an extreme mark up price.
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Teri Buhl, “Smashmouth Investigative Journalism” reports. “Cannabis financier and Sol Global chairman Andrew Defrancesco is front and center of a 90 page securities fraud lawsuit filed in New York federal court this week.
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Authored By Teri Buhl and reported by CLR a couple of weeks back.
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A perfect Easter gift from US based investigative journalist Teri Buhl who has alerted us to a wonderful cannabis “media” (we use that word in the lightest sense) lawsuit filed in the US. The plaintiff being New Frontier Data who have filed a suit against London based Prohibition Partners. The spat is over an agreement between the two parties to work together to try and carve up the global cannabis “information & stats” market . But we won’t give it all away, Teri has sourced the suit and done all the hard work so it’s only fair she tells the story. Read on…
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2017-001137 (Ariz. Ct. App. 2019)Arizona's medical marijuana dispensary registration process requires an applicant at step 1 of the process to show […]
No. 19CV005550 (Ohio Ct. Com. Pl. 2019)The Ohio Board of Pharmacy investigated a medical cannabis dispensary pursuant to the state law requiring that […]
No. 79224-5-I (Wash. Ct. App. 2020)Proper measurement under Washington's regulations requiring 1000-foot separation between cannabis retail locations […]
1070-19-2 (Va. Ct. App. 2020)Where a board's denial of an applicant's application for a CBD producer license was based on standards that the board […]
No. 343872 (Mich. Ct. App. 2020)Where (1) the zoning ordinance prohibits a medical marijuana caregiver center from being located within a drug-free […]
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