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Home»Business & Industry»California Cannabis Companies Form Group to Address Industry’s ‘Culture of Nonpayment’
Business & Industry

California Cannabis Companies Form Group to Address Industry’s ‘Culture of Nonpayment’

May 17, 2023No Comments3 Mins Read
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California Cannabis Companies Form Group to Address Industry's 'Culture of Nonpayment'
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A cohort of hashish business operators on Tuesday introduced a coalition that seeks to boost consciousness and provide options to extreme credit score points that threaten the business’s stability. The Monetary Stability for California Hashish (FSCC) contains Kiva Gross sales & Service, Lowell Farms, Nabis Sunderstorm and different key gamers in California’s hashish business which they are saying comprise 45% of the state’s business by gross sales quantity.   

In an announcement, Vince Ning, co-founder and co-CEO of Nabis, mentioned “Collections and excellent debt associated to unpaid invoices are key challenges going through hashish operators of all sorts throughout the state, from cultivators to producers, vertical manufacturers to wholesalers, and everybody in between.”  

“Advocacy for options is basically a difficulty siloed to particular person operators or particular sectors of the provision chain, which is why we’re proud to be an instrumental a part of the mission of the FSCC to reveal a extra holistic, collective illustration of the severity of the debt disaster throughout all ranges of the provision chain, and work towards a extra financially steady hashish market.” — Ning in a press release 

The group mentioned it helps AB 776, “The Hashish Credit score Safety Act,” a California invoice that goals to ascertain regulatory oversight round credit score phrases throughout the hashish provide chain. 

In a Might 15 letter to state Assemblymember Chris Holden, the chair of the Meeting Committee on Appropriations, the coalition mentioned “California’s hashish business doesn’t have the identical oversight of gross sales made on phrases that’s afforded to different, related shopper industries.”  

“Consequently, phrases of sale should not honored by some hashish companies, with late fee of invoices being commonplace throughout the provision chain and restricted pathways of authorized recourse for operators that owed cash,” the letter states. “In some uncommon situations, licensees refuse to pay invoices altogether. This ‘tradition of nonpayment’ that has emerged in California’s hashish market leaves companies throughout your entire business and provide chain – in addition to ancillary companies that help authorized hashish operators – with excellent balances and unpaid invoices generally totaling a whole bunch of 1000’s of {dollars}.” 

In an announcement, Assemblymember Phil Ting (D), creator of AB 766, mentioned federal restrictions have left California hashish operators “with restricted choices for financing and capital” and “has led to a extreme debt bubble throughout the provision chain from cultivators all over to the retailers.” 

Ting added that the invoice “goals to deliver a lot wanted monetary stability to California’s business, whereas additionally guaranteeing that operators obtain fee for items and companies in a well timed method.” 

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