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CALIFORNIA Comparable-to-Organic Certification Bolsters Craft Cannabis
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leafmagazines.com
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“The first onoma Hills Farm and Sensiboldt Organics are the first Cannabis farms in the country to be certified as “Comparable-tocertification Organic” by the California Certified Organic Farmers (CCOF). The new certification, which is called OCal, is run program of its kind in by the California Department of Food and Ag. OCal’s standards, certification process and regulations mirror almost exactly those the U.S.” of the USDA’s National Organics Program (NOP, labeled as USDA “Organic”), ensuring consumers that Cannabis products bearing the OCal seal have met the consistent, uniform standards comparable to NOP. This is the first Cannabis certification program of its kind in the U.S. and the hope is that it will help consumers make more educated decisions, as well as help smaller “craft” farmers stand out more in a crowded market, ultimately driving a higher price point that will make growing smaller batch Cannabis more viable.
Pelorus Equity Group Brings Cash Flow Stability To Commercial Cannabis Real Estate
Colombian Cannabis Company Aquires Carlsbad-based Vape Tech Maker
Newport Beach-based privately held real estate loan provider, Pelorus Equity Group, announced it has secured up to a $20M line of credit with a Florida-based FDIC-insured bank at 4.75% and no non-usage fees, depending on the business owners’ needs and qualifications.
Colombian Cannabis firm Flora Growth signed a definitive agreement to buy Carlsbad, Calif.-based vaporizer tech maker Vessel Brand.
The company claims it has the ability to approve construction draws to reimburse the borrowers in an average of one to three days. This offers Cannabis operators cash flow stability that has proven otherwise difficult to come by in Pelorus Equity Group Cannabis-related commercial real President and Fund Co-Manager estate transactions. Rob Sechrist Company President and Fund Co-Manager Rob Sechrist said that of the universe of more Cannabis-friendly banks, “There’s about 200 out there, 10 that are the most wellknown ones, that will do this kind of thing.” While these banks issue credit lines to Cannabis-related companies, none do so to the tune of $20M. The company also recently announced the upsizing of its mREIT Pelorus Fund to $1B from $250MM, which is a privately held fund made of Cannabis use and Cannabis-related properties.
DEC. 2021
Flora said its focus was on selling products in the United States and Colombia in the nearer-term – with an eye on expansion to Latin American countries.
The deal totals $8 million in cash and 4,557,318 Flora shares, amounting to about $30 million in total, according to a news release. Vessel executives will join Flora’s core management team and the deal is expected to close mid-November. In a regulatory filing earlier this year, Flora said its focus was on selling products in the United States and Colombia in the nearer-term – with an eye on expansion to Latin American countries. Canada and Europe are also a possibility, depending on how those areas come to fruition, regulatorily speaking.
Corruption Case Ends in Guilty Pleas Cannabis businessman Helios Dayspring entered formal guilty pleas to federal criminal charges, which ties the bow on a long corruption saga involving multiple Cannabis companies and local officials.
According to the Santa Maria Times, Dayspring appeared in court in October to enter guilty pleas for one charge of bribery and one of tax evasion, which was a plea deal he agreed to in July. Dayspring, the owner Dayspring, the of Natural Healing owner of Natural Center and 805 Healing Center and 805 Agricultural Agricultural Holdings, Holdings, subsequently had his subsequently licenses revoked. had his licenses revoked. He was accused of bribing a former San Luis Obispo County supervisor in exchange for favors, in addition to not reporting income or paying federal taxes for five years. The supervisor died by suicide in 2020. Dayspring was also accused of attempting to bribe the mayor of Grover Beach, but the mayor declined the bribe. Dayspring will be sentenced February 11 in Los Angeles and faces a maximum penalty of 13 years in prison and a $500,000 fine, as well as the $3.4 million he owes to the IRS in back taxes.
STORIES by JACKIE BRYANT @JACQBRY for CALIFORNIA LEAF
