News

Weekly Cannabis Roundup February 26

Lo

by Lo

February 26, 2021 11:17 am ET

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. 

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!

Post Your Comments

Haider Rizvi says:

February 26, 2021 at 6:34 pm

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.

Reply
Lo says:

March 1, 2021 at 8:54 am

Please visit their website https://jwfunds.com/ and fill out their contact form 🙂

Reply
Sabrina birdsong says:

March 5, 2021 at 1:04 am

I’m wanting to try to open a cannabis shop in Oklahoma, how do i start

Reply
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