Marijuana News: Damian Marley Turns Prison Into Cannabis Farm – Massroots Clears Debt
In this episode:
The Maryland Legislative Black Caucus wants to introduce an emergency legislation to pause the state’s medical marijuana program until questions surrounding the racial disparities are put to rest. The legislation creating the medical marijuana industry calls for regulators to actively seek to achieve racial and ethnic diversity in selecting cultivators. This was clearly not the case. Maryland’s Delegate Cheryl Glenn states, “This is an urgent issue. We are not going to let the black community get shut out of this market.” None of the top 15 growings licenses awarded by the Maryland Medical Cannabis Commission went to companies led by African Americans. Caucus members considered various suggestions including an option to restart the whole program. The group will meet next month to finalize its agenda.
Cannabis tech company, Massroots, reportedly has cured its previously debt default. Its executives have taken pay cuts in hope to improve the firm’s financial position to close out the year. Last month, Massroots received notices of a default event from creditors after being unable to pay an outstanding principal of $966,000. According to the Cannabist, company officials announced that it has fully repaid the debt that resulted from raising $1.42 million from convertible secured promissory notes and was left with a $1.52 million principal. Massroots reduced the annual salaries of its chief executive officer, chief operating officer, and chief technology officer in order to cut cost down. Massroots currently has $209,100 in debt, which has a maturity date in March 2017.
Damian Marley recently announced that he is planning to buy out a California prison and replace it with a dispensary. In an interview with Billboard, Marley revealed that he and Ocean Grown Extracts paid $4.1 million to convert the Claremont Custody Center. This hefty purchase not only relieves the city of its $3.3 million debt, but it will create 100 jobs for residents. The facility will start oil extract production in the next 60 days and the first harvest will occur in January 2017. According to Marley, “many people sacrificed so much for the herb over the years who got locked up. If this venture helps people and it’s used for medicinal purposes and inspires people, it’s a success.”
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