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GMICC (Georgia Minority Investment Cannabis Collaborative), LLC Proposal

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This is the LATEST and UPDATED proposal on forming an investment group to pool funds and invest in the new cannabis industry here in Georgia, particularly for minorities, women and veteran owned businesses.

Publicada em: Negócios
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GMICC (Georgia Minority Investment Cannabis Collaborative), LLC Proposal

  1. 1. © All Rights Reserved. (404) 919-0660 DKendrick@KAAG.co GA Minority Investment Cannabis Collaborative, LLC Contact: Dar’shun Kendrick, Chief Business Strategist (404) 919-0660 DKendrick@KAAG.co www.KAAG.co 1. The Need & The Solution The Need • HB 324 (The “HOPE” Act) 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, specializing in private capital raising for minority owned companies o FINRA (Financial Industry Regulatory Authority) certified non-public arbitrator o GA state legislator for almost a decade • What will KAAG do & costs? 1) Set up the LLC and trust account [$4,000]
  2. 2. © All Rights Reserved. (404) 919-0660 DKendrick@KAAG.co 2) Draft the operating agreement (agreement amongst members) [$2,500] 3) Provide updates on the law, regulations, resources to collaborate, investment opportunities and events as well as legal compliance and business consulting [$15,000 retainer billed at $500/hr.] 4) Set up the initial meeting with members to (1) Provide a presentation and answer any questions about LLC and how it will function (2) Answer any questions on potential investment opportunities [$3,500] • What will KAAG NOT do? ➢ Advise on the current underlying law and regulations---You are responsible for knowing. ➢ Control any part of your Trust account---I will only set up ➢ Draft any other corporate legal paperwork besides LLC operating agreement and incorporation/business license ➢ Make any investments on your behalf or advise on any specific investments (to stay compliant 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 & business license set up; 1st meeting of Members to discuss Operating Agreement/Investment Flow/Officers ➢ 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 *Licenses will be awarded by January 1st, 2020. 2. Fees & Costs Fees Includes everything under “What KAAG will do”: THIS IS THE FEE TO JOIN THE GMICC AND IS NOT MONEY INTO THE FUND TO INVEST. The fee to join is $500 per person with a maximum of 50 people and a minimum of 20 people for the Collaborative. Costs Any costs outside of “What KAAG will do” will be bore equally amongst LLC members. For example, if GMICC members decide to hire a branding firm at $5,000, if there are 50 members then each member would pay $100 to hire the firm.
  3. 3. © All Rights Reserved. (404) 919-0660 DKendrick@KAAG.co Investment Costs This will be determined by the group. Initially, all GMICC members will have equal ownership in the GMICC (as everyone paid the same amount). But if for example the GMICC wants to raise $100,000, if someone invests $50,000, they own 50% of the GMICC. If someone contributes $1,000, they own 1%. NEXT STEPS…. 1. Payment- www.KAAG.co 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 offered if 20 people have not officially paid and signed up by July 26th, 2019. I will provide an alternative services schedule if under 20 people sign up for those that have signed up to decide if they want to continue with forming the GMICC.

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