MJBizMag August 2020 - 114

NotableQuotes | Insightful Industry Observations
I've certainly sat across the table from
countless investors, none of them with Black
or brown faces. And when they pass on the
investment, is it because I'm Black? I don't
know the answer to that. What I do know
is that in every circumstance, I am the only
person in the room who looks like me. Race
and economics are inextricably linked.
- Jeff Gray
CEO of SC Labs in Santa Cruz, California, on the
impact of being Black in the marijuana industry.
Source: Marijuana Business Daily
In this sector today, we're seeing cash
dry up and a lot of companies that
are now for sale, so we wanted an
opportunity to look and react to what
was happening in the marketplace
should we find the right thing that could
help us get further, faster. Building
a reserve of cash to be smart about
how we accelerate the growth of our
company was a priority for us. So this
fundraise was much more opportunistic
than it was to cover shortfalls.
- Deanie Elsner
CEO of Charlotte's Web, on why the Coloradobased
CBD company initiated a fundraising
effort during the COVD-19 health crisis.
Source: Hemp Industry Daily
The definition
of equity share
still maintains
a foundational
requirement
around making
sure the equity
applicant has the
required profits,
voting rights and control of the business.
But we really wanted to focus on the
concept of unconditional ownership. The
new definition prohibits the divestment
or relinquishment of any part of the social
equity applicant's requisite equity share
under any circumstances. We are requiring
the equity applicant be offered the highest
officer position in the business, or another
individual that's appointed by mutual
agreement of the parties.
- Cat Packer
Executive director of the Los Angeles Department of
Cannabis Regulation, on recent changes the city made
to its rules regarding marijuana social equity.
Source: Marijuana Business Daily
112 Marijuana Business Magazine | August 2020

MJBizMag August 2020

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