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Juicy Fields ‘Splinter Group’ Claims To Be Raising New Funds To Refund Victims, But Investors Warned Not To Share Details

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As everybody suggests.. tread extremely carefully

BusinessCann reports

LAST month a new iteration of Juicy Fields, dubbed Juicy Fields DAO (Decentralised Autonomous Organisation), contacted BusinessCann directly to inform us of a supposed new refund initiative, which it says has seen €367,014 reimbursed to 56 investors.

This new entity claims to be a ‘splinter group’ of volunteers and supporters who have banded together with the ‘sole mission to restore the platform’s operations, honour and investment’.

The so-called ‘Emergency Refund Group’ provided a number of email screenshots as evidence that these refunds had indeed taken place, which are also published on the company’s website.

Investors urged to remain cautious

BusinessCann has so far been unable to corroborate any of this evidence and has been unable to find anyone who can confirm the receipt of any funds from the company.

When asked if he was aware of any victims that had received a refund in his class action lawsuit, now understood to include around nearly 1,000 victims, Swedish lawyer Lars Olofsson told BusinessCann: “One of my clients has said that he has received money back. I’ve asked him if he could show me, and he has then refused. So, I’m not totally convinced.”

The Asociación Afectados Inversiones CBD, an organisation representing 1,050 victims in a class action lawsuit in Spain, told BusinessCann that its advice to investors considering signing up to the refund scheme is ‘never believe the scammers’.

“Taking into account our experience in this kind of case, the scammers are never going to send the money back to the affected people. Because we are talking about money that can be tracked by the authorities, they won’t give any clue to the courts.

“Never send personal information to the scammers, because they are just trying to gain time and, if they can, get more money and information from the JF investors to sell.”

For the first time since BusinessCann began investigating the Juicy Fields case in July 2022, the group has responded to our questions regarding its recent claims.

The 56 refunds that the group claims to have issued were reportedly selected based on how vulnerable the victim is and whether they are able to provide ‘relevant documents confirming the fact’.

Asked where the money for these refunds has been sourced from, the group said: “Part of the operating capital balance is in cryptocurrency. As the platform’s user base and fund turnover increased, the platform has always maintained a pool of funds in three cryptocurrencies to ensure minimal delay in withdrawals (a reserve fund).”

Bankruptcies

However, this reserve fund is reportedly being used to ‘pay for emergencies’ only, while Juicy Fields’ central funds ‘are frozen in bank accounts’ since the company officially entered insolvency.

On November 4, 2022, Juicy Holdings BV, part of the wider business registered in the Netherlands in 2021, was declared bankrupt by the Amsterdam District Court.

The administrators, CMS Law, say that ‘conducting an investigation into the causes of the bankruptcy’ is one of its primary tasks, one that it says ‘will take a long time given the complexity of the bankruptcy’.

Crucially, this means that not only are there no longer any funds available for the supposed refund team to dish out, but any creditor claims against Juicy Fields will now have to go via the Dutch courts.

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Juicy Fields ‘Splinter Group’ Claims To Be Raising New Funds To Refund Victims, But Investors Warned Not To Share Details



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NY: Leafly Sort of Get What They Want

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The New York Attorney General’s Office last week agreed to a stay in cannabis technology company Leafly’s legal challenge to the state’s third-party marketing ban. The stay effectively blocks the state from enforcing the prohibition on Leafly, but not other third-party marketers.  

In a statement, Yoko Miyashita, CEO of Leafly, said that while the firm is “very pleased” with the decision, the company remains “concerned that the Office of Cannabis Management’s stance towards third-party platforms deprives consumers and licensed cannabis retailers with important tools that help them navigate legal cannabis.”  

“We’ll continue to work toward sensible regulations and are hopeful for a solution that empowers small businesses and supports consumer education and choice, while still protecting the public health, safety, and welfare of the people of New York.” — Miyashita in a press release 

The order does not end the lawsuit, which alleges that state regulators unfairly targeted third-party platforms in a misguided attempt to restrict the way retailers may market or promote their business and products and prevent price-shopping consumer behaviors. The lawsuit alleges, that the adoption of these regulations by the state is both arbitrary and capricious and a violation of the U.S. and New York constitutions. 

Source:  https://www.ganjapreneur.com/new-york-attorney-generals-office-issues-stay-in-leaflys-challenge-on-third-party-marketing-ban/?utm_source=newsletter&utm_medium=email&utm_campaign=usda_awards_600k_grant_to_study_how_hemp_genetics_affect_cannabinoids_north_carolina_house_passes_consumable_hemp_and_kratom_bill_and_more&utm_term=2023-09-28



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“Sham Unions”: Alleged Labor Law Violations Shake California’s Booming Cannabis Industry 

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Several major legal cannabis companies in California are facing allegations of violating state law by collaborating with and signing labor peace agreements with organizations claiming to be labor unions but who have failed to genuinely advocate for workers’ rights. According to California law, cannabis companies with over 20 employees are required to sign a labor peace agreement with a “bona fide labor organization”. These labor peace agreements facilitate a union’s access to employees. Labor peace agreements prevent unions from picketing or boycotting the business in exchange for the business agreeing not to disrupt union organizing efforts. However, several unions are alleging some of the largest cannabis companies in the state have attempted to skirt this law by signing labor peace agreements with an organization known as Professional Technical Union Local 33 (Pro-Tech).

The Teamsters Union filed a complaint with the California Agricultural Labor Relations Board (CALRB) in March of this year, alleging that Pro-Tech was not a genuine labor organization. After conducting an investigation, the CALRB agreed with the Teamsters, finding that Pro-Tech has made no tangible efforts to organize or represent cannabis industry employees and even lacks a physical presence in the state.

At least 90 cannabis companies, including some of the largest in California, are alleged to have signed labor peace agreements with Pro-Tech and have recently had to scramble to make agreements with other labor unions. The implicated firms were provided with 180 days to establish new labor peace agreements by the California Department of Cannabis Control (CCDC).

Pro-Tech is not the only labor organization to face scrutiny. Another union, the National Agricultural Workers Union, has also recently faced similar allegations of being a “sham union” from the Teamsters.

California’s cannabis industry is significant, employing over 83,000 people in 2021. The CCDC has stated that it is working to enhance transparency regarding labor peace agreements to strengthen labor organizations’ ability to file complaints against non-compliant companies.

This news highlights the importance of having an experienced attorney review labor peace agreements that are required by CCDC. It is important to remember that the details of these agreements are subject to negotiation, and the difference between an enforceable agreement and a one-sided agreement that allows a union to engage in unfair or harassing organizational tactics can be easily overlooked. 

 



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Proposal to abolish medical cannabis tax fails to become Canadian Conservative Party policy

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A proposal to consider the abolition of tax on cannabis for medical purposes did not have a chance to become official party policy at the Conservative Party convention over the weekend.

The proposal would have called on the Conservative Party of Canada to adopt a policy that would “abolish the excise tax on medical cannabis, fostering compassionate patient care and promoting its potential as a ‘Made in Canada’ safer alternative to addictive opioids.”

Policy 1849 had passed the first stage of voting and was then heard as a regional priority from New Brunswick in a breakout session on Friday. However, the proposal did not make it past that stage. Had it passed, it would have had a chance to proceed to the convention floor for a final vote on Saturday, September 9.

Tanner Stewart, who helped bring the proposal forward, says he is disappointed the proposal didn’t make it to the floor, but feels it was still a worthwhile effort to spread awareness of the issue. Stewart is the founder of Stewart Farms, a cannabis producer in St. Stephen, New Brunswick.

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Proposal to abolish medical cannabis tax fails to become Conservative Party policy



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