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Assault charge could tarnish image of Ascend, entire cannabis industry, consultants warn

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If Abner Kurtin, founder, CEO and chair of cannabis multistate operator Ascend Wellness Holdings. is known for anything, it’s being outspoken.

In January, after MedMen Enterprises failed to close Ascend’s acquisition of its New York license, prompting a lawsuit, Kurtin posted a series of tweets taking aim at the Los Angeles-based company.

“As New York and other states adopt adult-use cannabis, MedMen’s actions send the worst message – namely, that certain cannabis companies cannot be trusted to keep their word,” Kurtin wrote on Jan. 3.

“MedMen has chosen to disregard the authority of New York regulators.”

In March, he called MedMen management “criminals,” telling Business Insider that “this is an attempt to extort Ascend for a higher price. They want to make a buck.”

A MedMen lawyer said, “… we won’t be responding to nonsense,” according to Business Insider.

Just recently, after the companies agreed to settle on $88 million for the sale, New York-headquartered Ascend walked away from the deal.

Kurtin also has been an outspoken social justice advocate, with Ascend having donated more than $1 million to Last Prisoner Project, a nonprofit that works to support people convicted of marijuana crimes.

On his LinkedIn profile, Kurtin describes himself as a “Libertarian on a quest to end mass incarceration of non-violent criminals.”

But the Ascend exec has been quiet since being charged with battery earlier this month after a witness in Miami reported a physical altercation allegedly involving Kurtin and his girlfriend.

Kurtin even deactivated his Twitter account – but not before he posted (and subsequently deleted) a series of three photos with the hashtag, #Potstocks:

  • The first was a photo of Kurtin and the alleged victim, cuddling and smiling.
  • The second and third photos showed an affidavit of non-prosecution, signed by the alleged victim, requesting a “complete dismissal of these charges because there was no physical violence in the case.”

A hearing is scheduled for Sept. 30; in the meantime, Ascend Wellness Holdings (AWH) is conducting its own investigation.

“While the company cannot comment on an active investigation, it is treating this matter with the utmost seriousness and will continue to evaluate appropriate steps as more information becomes available,” Ascend said in a news release.

“The independent members of the board are keenly attuned to the company, its shareholders, and employees, and the management team is focused on ensuring AWH continues to operate effectively during this time.”

Neither Kurtin nor Ascend responded to MJBizDaily requests for comment.

‘This is serious’

Marijuana business consultants contacted by MJBizDaily agreed that the company’s investigation shows that Ascend is taking the matter seriously.

Sara Gullickson, founder and CEO of The Cannabis Business Advisors in Phoenix, said that publicly traded cannabis companies require exemplary behavior from executives.

“The marijuana industry has touted itself as a place for the underdog, a place for activists and a place for women,” she said. “As a woman CEO and as somebody that helped build the industry for the last 13 years, this is serious.

“Not only is it serious for their board and their (retail) outlets, but it’s serious for their shareholders.”

Potential investors will not only examine the financials of a company but also the people managing it, Gullickson said. And cannabis is still illegal in many regions.

“Right now, we’re working in the South, and some of our clients are nervous to bring it up to their other business partners because it’s still a taboo industry,” she said.

“We need people that are going to uphold the industry in a way where it becomes less of a taboo.”

As Ascend’s board continues its investigation, shareholders will be a priority, although court proceedings could also affect how the board responds, Gullickson said.

“Depending on what the outcome is, in certain jurisdictions, it could be cumbersome for them (to get licenses to expand),” she noted.

Allegations are only one problem

Avis Bulbulyan, the CEO of California-based consulting firm Siva Enterprises, said Ascend’s investigation will have to be thorough.

“Firing him could lead to other legal liabilities between him and the board and the company,” Bulbulyan said. “You kind of need it to play out.”

While the allegations are deplorable, Bulbulyan added, it could be less significant on a business level than other issues the company is facing.

“None of the publicly listed companies are doing too well right now,” he said. “I think they (Ascend) have other issues that are more concerning with respect to the company itself.”

Chief among those issues are debt and a focus on vertical integration – without an understanding of how to drive consumer loyalty long term.

This year in New Jersey, for example, Ascend launched adult-use sales at what were once medical marijuana dispensaries exclusively serving MMJ patients.

But Bulbulyan isn’t convinced the company can retain those customers if more licenses are issued, if interstate commerce is allowed or if cannabis is rescheduled in the near future.

“Customers are actually waiting and anticipating and begging for more options,” he said. “And as soon as they’re given more options, they’re all going to bail.”

Shares dip

Until recently, investment consultant Jesse Redmond, the creator of cannabis investment website Green Giants, was betting on Ascend.

“Ascend has one of the best footprints of any U.S. operator,” he told MJBizDaily via email, referring to the company’s operations in five states.

“Revenues are accelerating in 2022, largely due to their three stores and expanding cultivation in New Jersey.

“This, combined with one of the cheaper valuations of any top-10 MSO, made them one of the more attractive cannabis stocks.”

But after news broke about the charge against Kurtin, Redmond decided to sell his Ascend stocks.

Even though the case hasn’t been tried and Ascend’s investigation isn’t complete, the allegations still tainted Redmond’s view of the MSO’s management.

He also doubts the company can attract the institutional investment he previously was banking on.

“After this incident, I don’t expect large allocators to invest,” he said. “We are seeing selling by blue-chip funds.”

As of Sept. 20, shares in Ascend were $1.80, down nearly 25% from a Sept. 6 share price of $2.39.

As shareholders and the industry wait for the outcome of Kurtin’s pending court proceedings and Ascend’s investigation, Redmond said he isn’t concerned that the company’s expansion plans will be compromised in the meantime.

“Not in the near term,” he said. “They have other strong leaders that can execute current initiatives.”

Source: https://mjbizdaily.com/abner-kurtin-assault-charge-could-tarnish-images-of-ascend-cannabis-industry/

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Jio’s 1,600-Satellite LEO Constellation Gets Technical Green Light

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Reliance Jio has crossed a significant milestone in its space connectivity ambitions after its proposal to deploy a Low Earth Orbit (LEO) satellite constellation of around 1,600 satellites received a positive technical assessment from the Indian National Space Promotion and Authorisation Centre (IN-SPACe).

The evaluation, conducted jointly by IN-SPACe, the Indian Space Research Organisation (ISRO), and the Wireless Planning and Coordination (WPC) wing of the Department of Telecommunications, reportedly concluded that Jio’s proposed system meets the required technical standards and is comparable to leading global satellite broadband networks.

India’s Indigenous LEO Satellite Vision

Under the proposal, Reliance Jio plans to deploy between 1,600 and 1,650 satellites in Low Earth Orbit at an altitude of around 650 kilometres.

The planned constellation is expected to provide high-speed satellite connectivity across India, with approximately 32 satellites visible from any location at a given time. The company aims to roll out the network within the next two to three years, subject to regulatory approvals.

According to industry estimates, the satellite system could deliver 4.5 to 5 terabits per second (Tbps) of total data capacity, making it one of the largest satellite broadband projects proposed in India.

The project is expected to require an investment of $10–15 billion (approximately ₹95,000 crore to ₹1.42 lakh crore), reflecting the scale of infrastructure needed for satellite manufacturing, launches, ground stations, and user terminals.

Regulatory Process Moves Forward

Following the successful technical review, the proposal is expected to move into the next phase of regulatory approvals.

The government may now assist Jio in securing orbital slots, coordinating spectrum usage, and filing applications with the International Telecommunication Union (ITU), the global body responsible for managing satellite orbit and frequency allocations.

Obtaining orbital rights remains a critical step, as Low Earth Orbit has become increasingly competitive due to the growing number of satellite broadband projects being planned worldwide.

Officials also indicated that the proposed satellite architecture has been designed to coexist with future Indian LEO constellations, allowing multiple domestic operators to share orbital resources efficiently.

Broadband, Mobile Connectivity, and Strategic Applications

Jio plans to use the satellite network to provide a range of communication services, including satellite broadband, mobile backhaul, enterprise connectivity, and direct-to-device (D2D) satellite communication, particularly in remote and underserved regions where conventional telecom infrastructure is limited.

The company also intends to establish 20 to 22 ground stations across India to support network operations.

Apart from commercial telecommunications, officials have highlighted the project’s potential strategic importance. A domestically developed satellite constellation could strengthen India’s communication infrastructure, reduce dependence on foreign satellite operators, and support national security requirements.

Reports suggest preliminary discussions are underway regarding the possibility of integrating defence-related payloads into some satellites, enabling both civilian and strategic use.

Major Step for India’s Space and Telecom Sectors

Industry analysts view the technical clearance as an important milestone in India’s expanding private space ecosystem. If Jio secures the remaining regulatory approvals and international orbital clearances, the project could become the country’s first large-scale indigenous LEO satellite broadband network.

The initiative also aligns with India’s broader efforts to expand digital connectivity while strengthening its presence in the global satellite communications market.

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Alleged Crores Pharma Scam Mastermind Arrested from Surat

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After evading law enforcement for nearly 13 years, an accused linked to a large-scale pharmaceutical fraud case has been arrested by Delhi Police from Surat, Gujarat. The suspect is alleged to have orchestrated a series of financial scams involving fake identities, forged documents, and dishonoured cheques used to procure high-value pharmaceutical raw materials.

Authorities say the accused, identified as Himmat Singh Lodha, is believed to have defrauded multiple pharmaceutical companies in Delhi of goods worth approximately ₹98 lakh before disappearing and remaining underground for years.

Fake Business Deals and Dishonoured Cheques Used in Fraud

Investigators claim the accused posed as a legitimate pharmaceutical trader and placed bulk orders for expensive drug ingredients, offering post-dated cheques as payment security.

In one documented case from 2013, he allegedly obtained around 550 kilograms of Gliclazide, a diabetes-related pharmaceutical ingredient, valued at over ₹26 lakh. When suppliers attempted to encash the cheques, they were reportedly returned with the remark “account closed.”

Following the transaction, the accused allegedly vacated his office and rented residence and disappeared without settling payments. He was later declared a proclaimed offender in 2016 after repeatedly failing to appear before court proceedings. Authorities had also issued a reward for information leading to his arrest.

Multiple Identities and Repeated Fraud Pattern

Police investigations further link the accused to another cheating case dating back to 2012, where he allegedly used a fake identity, “Kailash Jain,” to obtain a large consignment of Ambroxol HCL, a pharmaceutical compound used in cough medications. The value of that consignment was estimated at around ₹72 lakh.

Officials believe the accused followed a consistent modus operandi—posing as a credible businessman, securing high-value goods on deferred payment terms, and then disappearing after delivery while shutting down business operations.

Investigators suspect that forged business records, fake company credentials, and fabricated financial histories were used to build trust with suppliers and gain access to expensive raw materials.

Multi-State Surveillance Leads to Arrest in Surat

A special Crime Branch team tracked the accused through coordinated surveillance efforts across multiple cities, including Mumbai, Ahmedabad, and Surat. After nearly a month of technical monitoring and intelligence gathering, officials located and arrested him from a residential area in Surat.

Authorities also revealed that the accused had been involved in property-related activities while staying under the radar to avoid detection.

Growing Threat of Corporate Identity Fraud

The case highlights a rising trend of organised financial fraud targeting industries that rely heavily on trust-based transactions and deferred payments. Experts note that criminals increasingly exploit gaps in corporate verification systems by using fake GST registrations, temporary offices, and forged documentation to appear legitimate.

Cybercrime and financial fraud specialists warn that such schemes are becoming more complex with the widespread availability of digital business tools, making it easier to create convincing but fraudulent corporate identities.

Experts Urge Stronger Due Diligence in High-Value Transactions

Experts, including former IPS officer and cybercrime specialist Prof. Triveni Singh, emphasize the need for stricter verification procedures in commercial dealings. He noted that relying solely on paperwork or digital business profiles can expose companies to significant financial risk.

Authorities and industry experts recommend physical verification of business operations, bank account validation, and detailed background checks before engaging in high-value or deferred-payment transactions—particularly in sectors like pharmaceuticals, where single consignments can involve transactions worth crores.

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EU Pressure Builds on Google as Regulators Face Calls for Massive Fine Over Search Practices

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A growing coalition of European industry groups is intensifying pressure on regulators to take decisive action against Google over allegations of unfair search practices that could reshape competition rules across the region’s digital economy.

Investigation Under Digital Markets Act Gains Momentum

The case is being examined by the European Commission under the European Union’s landmark Digital Markets Act (DMA), introduced to curb the dominance of major technology platforms and ensure fair competition.

Launched in March 2024, the investigation focuses on whether Google has been prioritising its own services in search results, potentially disadvantaging rival businesses that rely on online visibility to reach customers.

Industry Groups Demand Swift Action

Several prominent European organizations have jointly urged regulators to conclude the probe without further delay. They argue that prolonged investigations allow alleged anti-competitive practices to continue, putting European companies—especially startups—at a disadvantage.

Signatories include the European Publishers Council, the European Magazine Media Association, the European Tech Alliance, and EU Travel Tech.

In a joint statement, these groups warned that delays in enforcement are affecting innovation, profitability, and growth prospects for regional businesses competing in digital markets.

Google Denies Allegations

Google has rejected claims of bias, stating that its search algorithms are designed to deliver the most relevant and useful results to users. The company has also proposed adjustments to address regulatory concerns.

However, critics argue that these changes are insufficient and fail to address the core issue of market dominance.

Potential Billion-Euro Penalties

If found in violation of the DMA, Google could face significant financial penalties. Under EU rules, fines can reach a substantial percentage of a company’s global turnover, potentially amounting to billions of euros.

Regulators may also impose corrective measures requiring changes to business practices, which could have long-term implications for how digital platforms operate in Europe.

Wider Implications for Big Tech

The case highlights ongoing tensions between European regulators and major U.S. technology firms. In recent years, the EU has taken a more aggressive stance in enforcing competition laws, aiming to create a level playing field for local businesses.

A final ruling against Google could set a major precedent, influencing future enforcement actions and shaping the regulatory landscape for global tech companies operating within Europe.

As scrutiny intensifies, the outcome of the investigation is expected to play a critical role in defining the future of digital competition across the European Union.

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