4 minute read
LOCAL NEWS
from Dec. 2021 - California Leaf
by Northwest Leaf / Oregon Leaf / Alaska Leaf / Maryland Leaf / California Leaf / Northeast Leaf
CALIFORNIA
Sonoma Hills Farm and Sensiboldt Organics are the first farms in the country to be certified as “Comparable-toOrganic” by the California Certified Organic Farmers (CCOF). The new certification, which is called OCal, is run by the California Department of Food and Ag. OCal’s standards, certification process and regulations mirror almost exactly those 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
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.
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 Cannabis-related commercial real estate transactions.
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.
Pelorus Equity Group President and Fund Co-Manager Rob Sechrist
Colombian Cannabis Company Aquires Carlsbad-based Vape Tech Maker
Colombian Cannabis firm Flora Growth signed a definitive agreement to buy Carlsbad, Calif.-based vaporizer tech maker Vessel Brand.
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 of Natural Healing Center and 805 Dayspring, the owner of Natural Healing Center and Agricultural Holdings, 805 Agricultural subsequently had his Holdings, subsequently licenses revoked. had his licenses He was accused of revoked. 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.
Sonoma Hills Farm is a premium craft cannabis and hemp farm + culinary garden in Sonoma County.
Try one of our 2021 harvest strains, Cherry Cheesecake. Available at fine retailers throughout California.
- Aaron Keefer, VP of cultivation and production
Sonoma Hills
FARM TM
www.sonomahillsfarm.com sonomahillsfarm
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