RUSSIAN TIES
Curaleaf’s relationship to Russia under scrutiny
Chairman Boris Jordan was quick to label the rumours that New Jersey-based MSO Curaleaf was going to be sanctioned after Russia invaded Ukraine “misinformation.” But according to the Guardian, while the company was not subject to sanctions, Jordan’s ties to some of Russia’s most powerful individuals are “undeniable.”
According to the report:
- Jordan was one of Russia’s most well-known foreign investment bankers in the ‘90s, and even said he “once had a close relationship with Putin”
- Jordan chaired an insurance company backed by Roman Abramovich, who has been subject to sanctions
- Abramovich associate Andrey Blokh is Curaleaf’s second-biggest shareholder
- Louise Shelley, founder and executive director of the Terrorism, Transnational Crime and Corruption Centre, said the potential flow of Russian money into US businesses like Curaleaf is worthy of scrutiny
Jordan’s attorney, Victoria McEvedy, called the questions and rumours “a broad fishing expedition.”
“Boris Jordan is a native-born American of Russian and Ukrainian ancestry with business interests in the United States, Europe and Russia,” reads a statement from the lawyer.“His sole business interest in Russia is a minority stake in the shares of a retail insurance company that serves middle-class customers.”
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FEDERAL FUNDING
Saskatchewan’s Mother Labs received $1.8 million in federal funding
It’s challenging raising capital in the cannabis industry these days, but Saskatchewan-based cannabis nursery Mother Labs’ has secured $1.8 million in funding from a noteworthy source: the Canadian government, reports MJBizDaily.
A number of government agencies are involved in funding various aspects of the industry, from business development to research. In the case of Mother Labs, Prairies Economic Development Canada announced its investment in June.
“It’s smart money, and it will be truly helpful for us to grow and expand throughout the prairies and throughout western Canada,” said CEO Brian Bain.
CROSS PARTY RECREATIONAL
MEPs create working group focused on cannabis for personal use
Members of the European Parliament (MEPs) from Malta, Luxembourg, Czech Republic, Netherlands and Ireland have written an open letter urging more communication on cannabis for personal use among EU member states and to seriously consider legislative reform, reports BusinessCann.
The MEPs represent a variety of political parties.
“Due to antiquated and unpredictable legislation, citizens across the EU are often forced to turn to the illicit market or, worse still, imprisoned for possessing small amounts of cannabis for personal use,” said the group. “This does not reflect the level of freedom that is expected of our life in Europe.”
“We remain optimistic that the market conditions will improve,” concludes New Cannabis Ventures.
AIM UPDATE
Celadon posts its first update since going public
Since going public on the Alternative Investments Market four months ago, British-based Celadon Pharmaceuticals posted its first update in late June, reports BusinessCann.
According to CEO James Short, the company is:
- Focused on long-term success
- Using the Canpain research trial, which has begun onboarding patients, to access markets abroad
- Working on registering with the Medicines and Healthcare products Regulatory Agency
- Planning to have its Phase 1 cultivation space, which will produce “a couple of million pounds worth of product” per year up-and-running by Q1 of next year
- Planning to scale up to producing £20 million worth of product in Phase 2
- Considering future M&A
Short said a major achievement would be signing a contract with the UK’s National Health Service. ““I think it will happen, but I think it’s a few years away, because it’s data led,” he said. “It’s going to take us baby steps to do it.”
