MJBizMag May-June 2023 - 16

COMPANY NEWS U.S. & International
" Unfortunately, we can no longer
provide you with some of the services
you are currently receiving from
Paychex, " the memo stated.
The services Paychex is suspending
include:
* Automatic payroll tax
administration.
* Direct deposit.
* Time and attendance services.
Toys R Us Alleges MJ Store
Infringing on Trademark
The owner of Toys R Us filed a
complaint against a Brooklyn
marijuana store alleging that the
shop's logo infringes on and dilutes
the national retailer's federally
registered trademarks.
According to the complaint,
the Zaza R Us logo has a similar
typeface to Toys R Us and its
backward " R " as well as a cannabis
leaf in its center in place of the toy
company's star.
In the complaint, Toys R Us owner
Tru Kids alleges the marijuana
store's operators are intentionally
using the national retailer's brand
reputation to attract customers.
Trademark Suit Against
GTI Abandoned
Edible Arrangements officially
ended its trademark lawsuit against
marijuana multistate operator
Green Thumb Industries.
Green Thumb, meanwhile,
dropped its counterclaims against
the Atlanta-based franchisor of
stores selling gift bouquets made
of fruit.
The companies agreed in a joint
stipulation that the Edible Arrangements
claims would be dismissed
with prejudice and Green Thumb's
counterclaims without prejudice,
meaning the issue could be pursued
in the future.
Green Thumb did not waive its
rights to recover attorney fees and
related costs, however.
14 May-June 2023 | MJBizMagazine
SEC Charges American
Patriot Brands With Fraud
The U.S. Securities and Exchange
Commission has charged
Nevada-based cannabis company
American Patriot Brands (APB)
and three current and former
executives with fraud in a " longrunning
scheme, " in which the
company raised more than $30
million from investors.
The SEC alleged in a news release
that the executives " made a series
of false and misleading statements
to investors about various aspects
of the company, including its
financial condition, the scope of its
operations, the value of its Oregon
cannabis farm, and the safety and
security of investing in APB. "
The complaint asserts that the
executives " solicited investments
and raised over $30 million from
more than 100 investors in the
United States ... through a variety
of material misrepresentations
and omissions. " Further, the SEC
said company officers " siphoned
off millions in investor funds " to
companies in Puerto Rico.
Vermont Cultivator Fined
for Out-of-State Delivery
A cannabis grower in Vermont
was fined $20,000 for delivering
marijuana to an unlicensed MJ store
in New York and posting a video on
Instagram.
The Vermont Cannabis Control
Board fined Devon Deyhle, the
owner of Tier 1 indoor cultivation
company Tall Truck, for delivering
marijuana over the border to an
unlicensed store-both of which
are illegal.
Massachusetts Closes Store
in Response to Video
The Massachusetts state
Cannabis Control Commission
(CCC) suspended the licenses
of Elev8 Cannabis, a growing
marijuana retail chain, on March 24,
the day after the owner allegedly
recorded a series of threatening
social media posts. The CCC
ordered the business' location in
Athol, Massachusetts, closed as of
midnight March 25.
The CCC also revoked
provisional licenses for Elev8
stores in the towns of Orange and
Williamstown.
The CCC's order cited " the acts "
of majority owner Oluwaseun
Adedeji, who is alleged to have
posted a video to his Instagram
account that " appeared to
threaten violence " against former
employees, according to multiple
reports.
Jupiter Research
Refinances Debt
Jupiter Research, a marijuana
vape cartridge subsidiary of
Phoenix-based
Tilt Holdings,
refinanced and
extended its
revolving credit
facility. The
amount of credit
available to Jupiter increased
from $10 million to $12.5 million,
according to a news release.
The debt now matures July 21,
2024, instead of July 2023. The interest
rate is the prime rate plus 3%.
The funds are secured against
Jupiter's property, inventory and
accounts receivable as well as
through a $6 million guaranty
from Tilt.
Jupiter initially entered the
credit facility with New York-based
Entrepreneur Growth Capital in
July 2021.
Tilt, which has been working
to restructure its near-term debt
maturity, reduced its nonrevolving
debt from $86.7 million in 2021 to
$46 million, according to a news
release.

MJBizMag May-June 2023

Table of Contents for the Digital Edition of MJBizMag May-June 2023

MJBizMag May-June 2023 - 1
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