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For companies in the cannabis industry seeking to raise capital, legal compliance is particularly important. Not only is this a highly regulated industry but offers and sales of securities of companies within the industry are generally subject to enhanced scrutiny by State and federal securities regulators.
It appears that the Securities Exchange Commission (SEC) is increasing its scrutiny of the financial reporting and disclosure requirements of cannabis businesses in connection with the offer and sale of securities.
In September of 2018, the SEC issued an “Investor Alert” pointing to increased fraud in early-stage capital raise cannabis offering space. The
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