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
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
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
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.
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
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.
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