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California Cannabis Companies Fined for Violating Environmental Laws

terry roston

Two California cannabis companies are facing steep fines for breaking state environmental laws, KSBY reports. 805 Agricultural Holdings, LLC is facing $40,000 in fines related to Fish and Game Code violations, including allegations that the firm polluted a stream with diesel fuel, hoop houses, pesticides, herbicides, rodenticides, fertilizers, unconsolidated soil, and plastic irrigation pipes.

The company is also accused of removing vegetation from the stream and grading a road through the stream. The company is among the businesses operated by Helios Dayspring who was charged in federal court in July with bribery and income tax fraud.

The settlement between 805 Agricultural Holdings and the Santa Barbara County District Attorney’s Office requires the company to pay $23,000 to the county; $3,00 to the Santa Barbara County Treasurer to deposit in the County Fish and Wildlife Propagation Fund; $3,000 to the Department of Fish and Wildlife to deposit in the Fish and Game Preservation Fund; $1,800 to the Department of Fish and Wildlife; $2,400 to the Timber Regulation and Forest Restoration Fund; $1,800 to the county to reimburse district attorney costs for investigation and prosecution; and $5,000 as cost reimbursement to California Department of Fish and Wildlife.

Medical Investor Holdings LLC, which does business as Vertical Companies, also agreed to a $50,000 settlement with the county DA’s Office for Fish and Game Code violations, including grading a road through a river and preparing a five-acre area within the river for cannabis cultivation, which included hoop houses, underground piping, a generator, and containers of fertilizer, pesticides, and herbicides.

Vertical will have to pay $30,000 to the county; $5,000 to the county treasurer, for deposit in the County Fish and Wildlife Propagation Fund; $5,000 to the Department of Fish and Wildlife, for deposit in the Fish and Game Preservation Fund; $3,000 to the Department of Fish and Wildlife; $4,000 to the Timber Regulation and Forest Restoration Fund; $3,000 to the county for reimbursement of district attorney costs of investigation and prosecution; and $5,000 as cost reimbursement to the California Department of Fish and Wildlife.

The landowner where the cultivation site was being set up also faces $5,250 in fines.

Underground Dispensary
Author: TG Branfalt

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CanadaCannabis Industry NewsFrom Our WritersInternational Cannabis NewsinvestingpesticidesToronto Stock Exchange

ScottsMiracle-Gro Invests $150M into Canadian Cannabis Firm

terry roston

ScottsMiracle-Gro Co. has created a new subsidiarythe Hawthorne Collectiveto invest in the legal cannabis industry and announced a $150 million loan to Toronto, Canada-based RIV Capital, a cannabis investment and acquisition firm listed on the Toronto Stock Exchange.

The loan is a six-year convertible note which accrues 2.03% interest annually for the first two years and includes follow-on investment rights. Upon conversion, ScottsMiracle-Gro would own about 42% of the RIV.

Jim Hagedorn, chairman and chief executive officer (CEO) for ScottsMiracle-Gro, said the addition of Hawthorne Collective allows the company “to explore and pursue new opportunities in an industry that is poised for significant growth in the years ahead.”

“By making a minority, non-equity investment in RIV Capital, this initial transaction will have little near-term impact on our financial performance. While this approach means we will employ capital that won’t be available for near-term investments with a more immediate return, we are confident our partners at RIV Capital and our long-term approach ultimately will drive meaningful value for our shareholders.” Hagedorn in a press release

With the investment, RIV said it now has about $319 million in available capital, at current exchange rates. Narbé Alexandrian, president and CEO for RIV, said the investment “opens opportunities for considerable value creation and growth” for the firm.

“With ScottsMiracle-Gro’s strong track record, reputation, and brand awareness, we can build upon lessons learned in both the Canadian and U.S. cannabis markets, and leverage their insights to optimize our acquisition and investment strategy,” he said in a statement.

The Hawthrone Collective will also have the right to nominate up to three members to RIV’s board of directors, which will be increased to seven. Neither the Hawthorne Collective nor ScottsMiracle-Gro will have an active day-to-day role in RIV nor the companies in which it invests.

Underground Dispensary
Author: TG Branfalt

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