Washington, D.C. –  PRESS RELEASE – Rep. Nydia M. Velázquez (D-NY) and Rep. Steve Stivers (R-OH) have introduced H.R. 4074, the Clarifying Law Around Insurance Marijuana (CLAIM) Act, which would help businesses operating in the rapidly growing cannabis sector to obtain insurance products. 

“Due to discrepancies in federal and state law, insurers are understandably reluctant to provide coverage to legitimate, cannabis-based businesses,” said Velázquez.  “Without casualty, property and title insurance coverage, the growth of this industry will be impeded if not blocked entirely.”

The CLAIM Act establishes a federal “safe harbor,” preventing federal criminal prosecution of insurers that transact with consumers and would prevent civil liability for agents, brokers and insurers that do business with the cannabis sector.

“Without this legislation, insurers will understandably be reticent to insure businesses operating in the cannabis sector,” Velázquez added.  “This means a legal cannabis distributor whose product is ruined from a flood or fire could lose all their capital and their livelihood. This bipartisan bill corrects these problems and I’m proud to introduce it.”

In addition to the insurance provisions, the Velázquez measure would require a Government Accountability Office (GAO) study of hurdles facing women and minority entrepreneurs interested in entering the cannabis sector.

“For far too long, minority communities bore the brunt of our country’s backward marijuana policies,” Velázquez added. “As we normalize these products and this becomes a business, we must ensure minorities, women and other disadvantaged groups are able to enter this market and profit from this burgeoning industry.”

The CLAIM Act has been referred to the House Financial Services Committee, of which Velázquez is the third most senior member. Similar legislation has been introduced in the Senate.

TORONTO, July 29, 2019 (GLOBE NEWSWIRE) -- PRESS RELEASE -- Golden Leaf Holdings Ltd., a cannabis company built around recognized brands for the wellness and recreational markets, has announced that it has reached an agreement in principle to extend the due date for the US$9,527,350 earn-out payment due to Chalice LLC and its members, related to the acquisition of certain assets and a subsidiary of Chalice on July 7, 2017. US$4,527,350 of the Earn-Out Payment is payable in GLH stock and the balance of US$5,000,000 is payable by wire transfer of immediately available funds. The value of the shares will be based on the 30 day VWAP at the time of any share related payment.

The Extension Agreement provides for the Earn-Out Payment due date to be extended to May 2, 2022, but is not effective until the holders of the Debentures that mature on Nov. 2, 2019, vote to approve the Extraordinary Resolutions described in the company’s press release on July 23, 2019, including the early conversion of the Debentures, and the company signs the Extension Agreement. The meeting of the Debentureholders is scheduled for Aug. 21, 2019.

John Varghese, interim CEO and president of GLH commented, “With the terms of this Extension Agreement agreed to, the company’s attention is now focused on the meeting of the Debentureholders. If the Debentureholders approve the  Extraordinary Resolutions, we believe we will have cleaned up the company’s balance sheet to an extent that will allow the company to attract and hire a qualified CEO and greatly enhance the company’s prospects for success.”

More information can be found in the notice mailed to Debentureholders.

LOS ANGELES, July 29, 2019 /PRNewswire/ -- PRESS RELEASE -- Grenco Science, a cannabis vaporization technology company that has been in operation for eight years, recently completed its Series A financing. Investors in the financing round included Serruya Private Equity and Stable Road Capital. Grenco Science plans to deploy the funding to invest in technology and to expand the product range with first-of-its-kind vaporizers while continuing to expand on a global scale.

Grenco Science launched in 2012 when CEO and Founder Chris Folkerts transformed the cannabis experience with the introduction of the first G Pen, which combined cutting-edge technology with cannabis consumption. Committed to innovative technology, Grenco Science developed a range of innovative vaporizers which includes the G Pen Elite, Pro, Nova, Nova LXE and Gio, and has new products in development. Through proprietary technology and design, the company is continuously raising the bar in aesthetics, portability, functionality and user experience.

"We have seen unparalleled growth over the past year and this marks another milestone for the company, allowing us to continue to lead the way in cannabis vaporization and introduce revolutionary technology that will change the way the world thinks about and consumes cannabis," said Folkerts.

"We couldn't be more excited to be partnering with Grenco and joining their Board of Directors. We look forward to helping them institutionalize the business and bring their deep product pipeline to market," said Brian Kabot, the chief investment officer at Stable Road Capital.

"GPen is a truly unique brand that has come to stand for a high-quality, value-focused product, while remaining equally committed to sustainability and the community. We understand the importance of building brands and welcome the idea of working with yet another authentic California cannabis brand, such as G Pen, to accelerate brand growth in the cannabis marketplace," said Aaron Serruya.

Roth Capital Partners served as financial advisor to Grenco Science.

"We recognize the innovative work that Grenco Science has done in bringing technological advancements to the vape industry. CEO Chris Folkerts is a visionary and one of the leaders in the medical and legal cannabis markets," said Byron Roth, chairman and CEO of Roth Capital Partners.

Sensi Medical Cannabis House will be located at the Peter Tosh Square, Unit #51, Pulse Center, 38a Trafalgar Road, overlooking the Peter Tosh Museum in New Kingston. The Cannabis House will have a smoking lounge for on-site consumption, high-end accessories for sale and feature Marigold proprietary strains of cannabis and brands called Sensi Gold.

"The approval of Marigold's first Herb House signals an exciting time for Aphria. We believe that there is tremendous opportunity in Jamaica from a domestic and international perspective and we look forward to bringing Sensi products to the market," said Irwin D. Simon. "Receiving this licence is testament to our team's hard work and dedication in growing our Caribbean and LATAM business as we provide high-quality cannabis products in regions. Aphria will continue to execute on our business plan to create long-term value, sales growth, and profitably in Canada and internationally."

Marigold Projects, a 49-percent owned subsidiary of Aphria Inc., holds a Tier 3 license to cultivate more than five acres of land with cannabis for medical, scientific and therapeutic purposes. Marigold Projects cultivation farm is fully operational, and inventory at opening will exceed 2,700 kilograms. The company maintains an additional 20 acres of vacant land in anticipation of expanding its cultivation operations, as well as a 10-acre farm in St Catherine.

Sensi Medical Herb House will have its official opening in August 2019. Marigold plans to open an additional four Cannabis Houses in Portmore, Ocho Rios, Montego Bay, and Negril, pending CLA license approval.