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Georgia Minority Investment Cannabis Collaborative (GMICC)


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This is the official proposal for the GMICC.

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Georgia Minority Investment Cannabis Collaborative (GMICC)

  1. 1. © All Rights Reserved. (404) 919-0660 GA Minority Investment Cannabis Collaborative, LLC Contact: Dar’shun Kendrick, Chief Business Strategist (404) 919-0660 1. The Need & The Solution The Need • HB 324 has high application, licensing, bonding and cash reserve requirements. Many applicants, licensees and supply chain providers may not have any or all of the cash to meet the requirements of the law or the requirements to be able to do business with licensees. The Solution: GA Minority Investment Cannabis Collaborative, LLC • Overview- GMICC will need a minimum of 20 people to be viable, i.e. for the pool of funds to be attractive enough for applicants or licensees. • About Dar’shun Kendrick- o Securities lawyer for over a decade o FINRA certified non-public arbitrator o GA legislator • What will KAAG do? 1) Set up the LLC and trust account 2) Draft the operating agreement (agreement amongst members)
  2. 2. © All Rights Reserved. (404) 919-0660 3) Provide updates on the law, regulations, resources to collaborate, investment opportunities and events 4) Answer any questions on potential investment *Remember you can only invest in one (1) licensee per the law. • What will KAAG NOT do? ➢ Advise on the current underlying law and regulations ➢ Control any part of your Trust account---I will only set up ➢ Draft any other paperwork besides LLC operating agreement ➢ Make any investments on your behalf or advise on any specific investments (to stay compliance with federal law) ➢ Be investing in LLC (due to “Peake provision” in the law that bans current and former state legislators) • Suggested Timeline ➢ July 26th- Anyone interested in participating, funds and signed MOU are DUE to KAAG. ➢ Mid-August- LLC set up; 1st meeting of Members to discuss Operating Agreement ➢ End of August- Operating Agreement drafted and sent to Members for review ➢ Mid-September- Operating Agreement finalized ➢ Fall of 2019- Begin to find investment opportunities 2. Fees & Costs Fees *Includes everything under “What KAAG will do”: o $500 with a maximum of 50 people and a minimum of 20 Costs Any costs outside of “What KAAG will do” will be bore equally amongst LLC members. NEXT STEPS…. 1. Payment- under “Cannabis in GA” by July 26th. 2. You will be emailed an e-doc to sign the MOU. DUE: July 26th. We need at least 20 participants. Refunds will be issued if 20 people have not officially paid and signed up by July 26th, 2019.