Business
Investment Firm Uses SPACs to ‘Bet Big’ on Pot Companies
By
Willis Jacobson
Oct 23, 2020
Oct 23, 2020
Michael Auerbach said he “made a big bet on cannabis” when he launched investment firm Subversive Capital seven years ago.That bet appears to now be paying off.Subversive, which focuses on real estate investments, has emerged this year as a major...
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california
Calif. biz scrambles to avert July 1 tax hike
California's cannabiz has weeks to avert a July 1 excise tax hike from 15% to 19%. The flailing industry, which saw the lowest Q1 sales since 2020, says the increase would send even more of its customers to the unlicensed...
california
Big Calif. consultancy faces $14M civil rights suit
An influential consultancy faces allegations of negligence and civil rights violations in the latest chapter of a six-year legal battle. In a federal lawsuit, an unsuccessful applicant alleges Hinderliter de Llamas (HdL) "conspired" with the city of Chula Vista (San...
california
Calif. Industry presses for tax break after Newsom snub
California's cannabiz is still pushing to repeal a coming excise tax hike, despite Gov. Gavin Newsom leaving it out of his proposed state budget this week. If industry efforts fall short, flailing operators will be hit with an excise tax...
california
Desperate Los Angeles licensees shut down meeting
Police had to be called in after disruptive licensees and their allies shut down an oversight committee meeting in Los Angeles yesterday. There were no arrests, a source said.Footage posted, and apparently taken by, Elliot Lewis, CEO of 30-store retailer...
california
“A debt trap:” Los Angeles market crisis deepens
“This is not equity, this is exploitation!” Evelyn Brinson co-owner of Mid-City Los Angeles social equity dispensary The Green Paradise seethed to a city council committee in April. “It’s a fucking fee trap.”Long simmering tensions between struggling businesses and LA’s...
california
Calif. confirms 25% excise tax hike
California's tax agency confirmed Thursday that it would to raise the cannabis excise tax from 15% to 19%, the maximum possible increase, starting July 1. Stopping the tax hike is a top priority for the state's sputtering industry which argues...
