Hemp Today
A Florida university president has resigned in the wake of a flap over a multi-million dollar gift from a Texas hemp entrepreneur.
Florida Agricultural and Mechanical University (FAMU) in May announced the “gift” from hemp entrepreneur Gregory Gerami of Texas-based Batterson Farms Corp., whom the school described as a “champion of sustainable agriculture and biodegradable hemp products.” In heralding the donation, the school said it was one of the biggest single personal donations ever to an historically Black college or university.
PR stunt
But the gift was later found to be a public relations stunt, and investigators discovered that Gerami was linked to an earlier $95 million pledge to Coastal Carolina University, a deal that also eventually collapsed. The school withdrew its acceptance of the donation just days after it was announced and celebrated at FAMU’s 2024 commencement exercises, during which Robinson informed the gathering that “the money is in the bank.”
FAMU officials celebrated the bogus pledge at this year’s commencement. (Photo: FAMU)
The donation was not in cash, but consisted of 14 million “private illiquid” shares in the Issac Batterson Family 7th Trust. A later probe by university officials cast doubt on the value of the shares, and the donation agreement listed a different valuation than school officials had announced. Gerami failed to address the discrepancies, and declined to answer questions about his net worth or provide specific figures for his business.
Protocols ignored
The administration accepted and announced the donation without informing the board of trustees or the university’s foundation members, thereby circumventing the school’s traditional vetting protocols.
The school’s vice president for University Advancement and executive director of the FAMU Foundation, Shawnta Friday-Stroud, who managed the 10-year pledge offer, resigned from those positions in the early days of the controversy, but remains dean of the university’s School of Business & Industry.
Back to teaching
Likewise, Robinson will remain at FAMU as an environmental studies professor, a position he held prior to taking the presidency seven years ago.
Gerami has touted himself as “the youngest African American producer and seed seller” in Texas, where records show his company held a state producer’s license as of December 2023. He claimed Batterson Farms has offices in San Antonio and Van Horn, Texas, and employs 7,000 workers.
Batterson Farms last year announced it would build the largest commercial hydroponic hemp facility in the West Texas city of Muleshoe, but officials there say nothing has come of the project.
https://hemptoday.net/university-president-resigns-in-wake-of-phony-donation-from-hemp-entrepreneur/
