“We’ve recruited speakers from state departments of agriculture, to farmers and processors in established markets, as well as researchers from Penn State University, Cornell University, Purdue University and University of Vermont, to share their latest insights in these areas with the broader hemp market.”. The complaint alleges that while King had been traveling, Romantsoff listed his wife, Anastasia Bukharova, and a business partner of his on the license application for the 30,000-square-foot property in Salinas but didn’t comply with background-check and fingerprinting requirements, “resulting in the California Department of Food and Agriculture (CDFA) denying the cannabis license applications and shutting down operations at the site," according to the complaint.
King told CBT that the $3 million loan is fraudulent and he never signed it. “When you have something that’s federally illegal but permitted under state law, there are just a lot of tensions that you have to grapple with,” he said. In April 2018, the complaint states, Cannafornia planted its first crop; around that same time, Temkin and Romantsoff, who King referred to in speaking with CBT as “the head of the snake,” began hiring their own contacts at Cannafornia—causing things to go more awry. "The types of cases really run the gamut of civil litigation. They turned people on me at the farm, they turned salespeople against me. King and his lawyers filed their complaint April 13 in Monterey County Superior Court. Learn more about our partnership with Last Prisoner Project. “That’s really different from the way the federal system works, where you can have an intent to use reservation [and] even if you haven’t done any sales, you can file an application saying you intend you use it, and then as long as you provide actual use within six months after the trademark has been created, everything will relate back to the date you filed your application,” Rahman said. Two investors in the California-based cannabis business Cannafornia are suing the company’s CEO Paul King, claiming King bought luxury condo units with money stolen from their years-long venture together and launched into a libelous campaign against them. However, Romantsoff allegedly instructed an attorney handling wire transfers to deposit money into Romantsoff’s and Temkin’s accounts, including Jane, Inc., and Cross Atlantic Builders, LLC, which are defendants in King’s complaint. Cannabis Business Times’ interactive legislative map is another tool to help cultivators quickly navigate state cannabis laws and find news relevant to their markets. King also sent a March 18 email to an alleged business contact, according to their complaint, which said that Romantsoff and Temkin tried to defraud him and that he is “currently suing them in every way imaginable.” Their complaint states that neither of these statements were true at the time. Cannafornia Premium Cannabis Product Line. Rahman also noted that Harvest Cannabis Dispensary is not pursuing Harvest Health & Recreation in its lawsuit, and the company is not a defendant in the case.
We consider it imperative for the cannabis industry and Leafly to invest in restorative justice. “We had opened first. King and his attorney Stephen Boren did not return emails requesting comment. By accessing this site, you accept
The complaint outlines that Temkin promised he would sell a “large commercial building” in St. Petersburg, Fla., to raise about $15 million for Cannafornia. Carnegie Mellon University. “We aren’t trying to invalidate them with this lawsuit. “He has used the companies as his personal piggybank to the detriment of their shareholders and creditors.”. Figures from the Oklahoma Tax Commission show May sales generated more than $11.6 million in sales tax revenue, which includes $6.5 million in state and local taxes and another $5.1 million from the state’s cannabis excise tax, AP News reported. Join to Connect. Paul has 4 jobs listed on their profile. The complaint also alleges that King and his team didn’t have enough funds to cover construction and renovation, so King frequently paid company expenses using his credit card. We’d really never heard of them.”.
It just seemed absurd to us that this out-of-state operator who wasn’t even an owner was going to put their name on the building, particularly because we’d been operating in the state for several months and we were already here.”. They involve commercial disputes, like breach of contract, breach of supply agreements, they involve securities claims brought by private shareholders against publicly traded companies.”, When forming partnerships, such as between cultivation companies and investors, Goldberg said it’s important to conduct due diligence. “King made the 1401 Transfers and the 803 Transfers at a time when he was insolvent and without receiving reasonably equivalent value in return.”. Partners can also build compliance requirements into their agreements to ensure everybody is following state law, Goldberg said. But opting out of some of these cookies may have an effect on your browsing experience.
Meanwhile, the company moved to acquire a state trademark in Arkansas, which is obtained when an entity sells its goods as commerce in the state. ", In addition, King said he will be more careful in his business dealings in the future.
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