After a dramatic series of events, the state of New Jersey has officially passed recreational cannabis legislation. James Patterson, the former CEO of the cannabis delivery platform Eaze has admitted guilt in a conspiracy to commit bank fraud. And five-time NBA All-Star Chris Webber has made a mission to help minority entrepreneurs succeed in the cannabis industry
Video Transcript:
New Jersey has FINALLY officialized recreational cannabis use legislation
The former CEO of Eaze has pled guilty to bank fraud
This is Lo with Veriheal keeping you up to date with the latest in cannabis news
Former CEO of Eaze Admits Corruption
James Patterson, the former CEO of the cannabis delivery platform Eaze has pled guilty to conspiracy to commit bank fraud in a money-laundering scheme that duped banks into thinking they were processing non-cannabis related products
Between 2016-2019, over $100 million dollars worth of payments were disguised to avoid the many banking restrictions placed on the cannabis industry
Patterson was said to have “understood that if banks were aware of the nature of the transactions they would not allow them,”
So, payments were processed for various products such as dog toys, beverages and facial creams instead of cannabis.
He resigned from Eaze in 2019 and the company is currently cooperating with federal authorities
New Jersey Finally Legalizes
Next in news,
After several months of negotiations, New Jersey Governor Phil Murphy has finally signed legislation for recreational cannabis use
Voters approved adult-use cannabis 3 months ago but the state hit a snag in the legalization process over disagreements on penalties for underage use.
Apply For Your Medical Marijuana Card Today
Veriheal has satisfied hundreds of thousands of patients nationwide
Get approved or your money back
Appointments available on-demand
Customer support available 24/7
Gov Murphy stated that “This November, New Jerseyans voted overwhelmingly in support of creating a well-regulated adult-use cannabis market. Although this process has taken longer than anticipated, I believe it is ending in the right place and will ultimately serve as a national model.”
The new bill establishes a Cannabis Regulatory Commission that will oversee the state’s industry, removes penalties for possession, and allows adults 21 years and older to consume.
Unfortunately, the bill does NOT allow for at-home cultivation
Applications for recreational business licenses are expected to open this summer when the Regulatory Commission’s official framework is developed.
In the meantime, the only way to legally purchase cannabis in the state is with an active medical card
NBA All-Star Helps Minorities in the Cannabis Industry
And lastly,
five-time NBA All-Star Chris Webber teamed up with JW Asset Management to start a $100 million fund to help minority entrepreneurs succeed in the cannabis industry
It’s no secret that getting into the legal cannabis sector is incredibly expensive
Laws differ across the nation, but deposits and application fees soar into the several hundreds of thousands of dollars with much of that being non-refundable
So this leaves a very small group of eligible applicants that actually succeed
Meanwhile, the War on Drugs has done its part to ensure that marginalized communities stay under its thumb unfairly leaving many unable to invest in a growing industry that crucially undermined them to begin with.
Webber emphasized that it’s not just about money, but fostering relationships and cannabis industry education that all sides can benefit from.
So, go ahead and like this video and give us a follow at Veriheal to stay up to date with the latest in cannabis news. Thanks for watching!
Lo is a millennial mom just trying to live life to the fullest. She's interested in all things travel, design, food, and promoting responsible cannabis consumption.
Who/How do I get in touch with a rep from JW Asset to take advantage of the minority entrepreneurship initiative? I am a candidate in NJ for a license application. Thank you.
Suddenly, the world of magic mushrooms is almost as complicated as that of learning about cannabis. Shrooms or “magic” mushrooms have gained traction as a hallucinogenic therapeutic application for several different mental health circumstances such as depression and migraines—particularly when microdosing. It’s not just liberty caps anymore, folks. There are many different varieties and types…
Edibles are arguably one of the best means of recreational cannabis consumption—you get to eat a treat AND experience a long-lasting high. But it’s easy to end up dealing with some unwanted side effects due to the variability in the onset of these THC-packed goodies, which come in the form of brownies, cookies, gummies, chocolate,…
If you’re reading this, you are either a recreational cannabis veteran who has seen a handful of cannabis smokers passing out from puffing a joint and can’t seem to figure out why. Or, you are a newbie who wants to give recreational or medical cannabis a shot, and the burning question on your mind is,…
According to a new study published by the University of New Mexico (UNM) in the prestigious journal Frontiers in Pharmacology, researchers have unveiled a significant correlation between the sensation of “feeling high” and the relief of medical symptoms among cannabis patients. This landmark study probes uncharted territories, challenging pre-existing assumptions and opening new avenues for…
A survey illustrates psychedelics’ rapid rise, Herer Brands sues Daniel Herer, and Hulkamania comes to cannabis. Let’s dive into this week’s canna-news. Psychedelic Use Reaches Record High A new national survey conducted by Monitoring The Future found that psychedelic use is at an all-time high amongst U.S. adults. Conducted in 2022, the survey included approximately…
We use our own as well as third party cookies to improve your site experience and the services we make available. You can learn more about our use of cookies in our Privacy Policy.
Content Disclamer
The statements made regarding cannabis products on this website have not been evaluated by the Food and Drug Administration (FDA). Cannabis is not an FDA-approved substance and is still illegal under federal law. The information provided on this website is intended for educational purposes only and is not intended to diagnose, treat, cure, or prevent any disease. It is not intended as medical advice and should not be considered as a substitute for advice from a healthcare professional. We strongly recommend that you consult with a physician or other qualified healthcare provider before using any cannabis products. The use of any information provided on this website is solely at your own risk.