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News Story: Virginia picked five companies to start its medical cannabis program. Officials won't explain why some bidders won and some lost
https://www.richmond.com/news/virginia/government-politics/virginia-picked-five-companies-to-start-its-medical-cannabis-program/article_c3b96fc6-560f-58b4-b371-db2bad2c28a6.html
Much of this we already know but it was a good read with a lot of info.
The Virginia application approval here was impressive, BLDV did great.
Alright. I never had doubts or concerns and I fully understood the reason about the 1,000 feet clearance rule. I even stated that in previous posts. I know others here did have concerns so that’s why I brought it up. I didn’t mean to alarm you guys. It was just a question not a statement of intentions.
As far as contacting goes, I don't want to. I know some other posters here had concerns over the building, one even questioned that Dharma could have been a cover for secret casino plans. I was just wondering if anyone could contact them and with your explanations, you answered my question. I wasn't sure if you had reasons not to or if no one did due to information about the company not being easily accessible. I really don't have interest in calling someone and saying, "hey, did you find a building yet?". I am not concerned with it because I know they probably have/will. I was just wondering why some of the people posting who did have a concern with it hand't and your answers explained that.
Local news this week is covering the casino project
Site plans show interior of planned Bristol Resort & Casino
https://www.wjhl.com/local/site-plans-show-interior-of-planned-bristol-resort-casino/1546216692
Hundreds gather for a rally against the proposed Bristol Casino project
https://wcyb.com/news/local/hundreds-gather-for-a-rally-against-the-proposed-bristol-casino-project
Bristol Casino Advertisements: Both sides are voicing their opinions
https://wcyb.com/news/virginia-news/bristol-casino-advertisements-both-sides-are-voicing-their-opinions
Bristol Tennessee residents voice their concerns over Bristol Virginia casino
https://wcyb.com/news/tennessee-news/bristol-tennessee-residents-voice-their-concerns-over-bristol-virginia-casino
Does anyone know how to contact Dharma Pharmaceuticals and ask them what their plans are for a facility since Par and the city have asked them to relocate due to the casino plan? I would just ask them. There isn’t any contact information that I can find for them.
I wonder if the Reg A+ offering has been complete yet. Per Uptick in June, he said the offering would be complete by Sept 1. I was just wondering if that happened on time. I don't know where they were at in the process of doing it when he said that, but the process can take 4-5 months and about 2 months from the time SEC responds to the statement filing. Have they said if it is complete?
5 mil and maybe more soon!
So you’re saying that the only “cover” they could come up with was this? If they had just said “we are buying the property for retail development and used that as a “cover”, they could have saved $10,000 plus whatever they paid Blue Diamond. But you’re saying they did all of that just to have an excuse for purchasing the building to hide something for 4 months? If it was a big scheme, a bogus story, a lie, a cover up, why didn’t they announce intent to purchase the building, finalize the purchase and then miss the application deadline, saving their money. I have purchased commercial property twice and neither time did I have to disclose to anyone my intentions for it.
Can you post that article again where they said the mall is out? I sent that guy who works for the news a message and haven’t heard back. This aggravates me because if legislation for the casino doesn’t go, I can see where this is going. Nothing will ever go in that building and it’s going to end up sold again ridiculously cheap, no tenants will be found and then the city will probably get stuck with it when the taxes end up defaulted on. It will just rot down. Then it’s going to get condemned and the city will have to spend taxpayer’s money for demo and disposal. That’s all the city needs is another cost burden. All because of an employee daycare for a proposed business that may or may not be there.
And considering that per state law, the "employee daycare" is the reason for the 1,000 feet set back requirement... if Par is that concerned with having an employee daycare on a property for a business, whose very existence is pending a change of state legislation, they deserve to be stuck with a 500,000 square foot building. I would sure hope that Stacy didn't get to where he is today by being stupid. Also, WJHL news is notorious for dramatizing their news headlines.
Under 18VAC110-60-120. Conditional approval. See item # 2
It just says that the location shall not be within 1,000 feet of a school or daycare. It doesn't say anything about a casino.
http://register.dls.virginia.gov/details.aspx?id=6508
This clarifies some information the news did not. The news didn't really tell us why it was an issue, other than there was an issue with locating the two within 1,000 feet.
Per this article, the current casino plan has a day care for employees. So, it looks like eliminating the day care, as the article states, the "1,000 feet" would no longer be an issue.
https://wset.com/news/local/the-bristol-malls-fate-in-question-casino-or-cannabidiol-facility-09-27-2018
"But Virginia's apporoval of Dharma is based on the mall location. Any change would also need state approval. If that approval isn't granted, Stacy said there's enough room for both the casino and CBD oil facility."
"We're talking about less than 100,000 square feet in the casino,” he said. “We've got 544,000 square feet."
That would mean some casino plans will need to change. The planned conference center would move to the hotel that will be built, and the day care for employees couldn't happen.
Virginia's CBD facility regulations require Dharma to be 1,000 feet away, and the mall isn't big enough."
https://wset.com/news/local/the-bristol-malls-fate-in-question-casino-or-cannabidiol-facility-09-27-2018
I thought it meant that with the current casino plans, there would not be enough space for both, but changing casino plans, moving a conference center to a hotel and eliminating a day care, there would be space. I guess I just misunderstood.
They must have products available by late 2019, so they have about a year. With all the money Jim McGlothlin has, he should construct them a new building, since he's involved.
Are you sure the mall is definitely out? That is not what I have been hearing.
The article from Sept 26 that you shared said that they want to relocate it away from the mall and into another location if the state regulators will allow it.
In this article, Stacy said if the approval is not granted for another location, there is enough space in the mall building for both.
https://wset.com/news/local/the-bristol-malls-fate-in-question-casino-or-cannabidiol-facility-09-27-2018
This is what I understood:
Dharma would occupy 80,000 square feet of the property. The casino would occupy less than 100,000 square feet. The entire property is 544,000 square feet. Virginia requires Dharma to be 1,000 feet away. To meet this requirement, some of the casino plans would need to be changed. They are planning a hotel, stores and restaurants along with the casino. To isolate the facility, they would need to ensure the old JC Penney store where the pharmaceutical will be located is 1,000 feet away from any space used for the casino. There isn't enough space to do that in the current plans, but they can make space if necessary.
They probably would like to explore all avenues prior to isolating all that space. The old JC Penney store was two levels. That space would have to be isolated by 1,000 feet all the way around it on two levels. Due to the layout of the mall, it would be difficult and costly to do that. Here is a map to better explain.
https://upload.wikimedia.org/wikipedia/commons/7/75/Bristol_Mall_Directory_%2810013664655%29.jpg
I think if I were Par, I would also explore all other avenues before agreeing to make those changes.
If someone can show an article where they said the mall is definitely out, please share that. No one around here has said that yet. My friend works for news station, I am going to check with him to be sure.
My opinion is that a lot of people just don't like the idea of Reg A+. This is only my opinion, I don't like it and I would avoid going that route. Reg A+ can be a good benefit to investors, but stock prices usually fall during the process. I think this is probably because of the lacking of disclosure standards. I just hope they are getting good guidance from a good investment banker. This is only my opinion, which I have based from years of study in finance. I think people are getting impatient at the lengthy time this whole process is taking. The lack of disclosure and not knowing what exactly is going on throughout the process could be why they are dumping shares.
The past due financials have deterred me from buying anymore of their stock. For now, I have decided to hold off. I sent an email through Blue Diamond Ventures website expressing concern about them being late and this is the response I received back.
Joshua Alper josh@repla.com via gmail.com
Wed, Oct 10, 1:36 PM (6 days ago)
to me
Thank you so much for your email.
I can assure you we disclose all information, all filings are up to date, however due to the upcoming merger with Cann10 the legal opinions associated with these filings have been delayed.
Regards,
Josh
Also, Bristol has lost some large employers over the past decade with nothing really coming back in. Bristol Compressors being the most recent. Also, Alpha NR corporate offices, Sprint and Office Max call centers, Ball, Virginia Intermont College, and of course the Bristol mall. I really think if they don’t make this work, the city is going to go into bankruptcy.
Clyde Stacy said if they could not get another space approved, then there is space in the mall building.
https://wset.com/news/local/the-bristol-malls-fate-in-question-casino-or-cannabidiol-facility-09-27-2018
There are a lot of empty buildings here. We have lost so much industry in Bristol. Also, since the failure of The Falls project, which put the city in $50 million more in debt, they are really in trouble now. Before that, a big mess happened when the landfill got full and they had to construct another one. The project turned into a disaster, putting them $30 million in debt. Now they are hanging by a thread. They will do anything it takes to get Dharma in here. As far as buildings go, there should be plenty because there’s nothing left here!
Regarding the merger, in April, they discussed the benefits of a merger and looked at plans of one. Have they ever confirmed that a merger is going to happen or is that speculation right now?
That's a very good point!
I hate to say it, but I feel like doing the same
5M shares seemed promising months ago but not anymore.
Aside from compensation for preparing the applications to Virginia, will BLDV be earning any other revenues from the Bristol project?
I I'm hearing yes and no.
I hope this helps. I live close so I have been reading the local news and take a huge interest in this.
Bristol News - June 12, 2018
“Par Ventures, if we get the license, will have an ownership interest [in Dharma]. It’s my company and I own it wholly. Mike should have explained that carefully when they had the meeting when he named me as an owner and then named Ken. I own Par Ventures and I will be one of the owners [of Dharma],” Clyde Stacy said.
https://www.heraldcourier.com/news/par-ventures-officials-clear-up-confusion-on-cannabis-project-details/article_02dbd75a-6df7-11e8-9cd2-2f5a5ce45606.html
On the RFA form, Virginia had a section on financial position, where it said the applicant must demonstrate the financial capacity of the applicant to build and operate a facility to cultivate Cannabis plants... Do you think that's where the $30 million came from?
https://www.dhp.virginia.gov/pharmacy/docs/BOPRFA_PharmaceuticalProcessors.pdf
In the Richmond district, Surterra said that if they were selected they would invest $10-$20 million. Maybe this is not an amount that had to be paid to anyone when applying, but the applicant had to demonstrate having those funds.
This has been a very enlightening read. I am a native to the area where this will take place, so I have taken an interest in what is going on. I was born and raised an hour from Bristol, over in Coal Country. I would like to mention that the Gregory brothers of King Pharmaceuticals invested into United Coal Co. back in 2006. McGlothin has had ties to the pharmaceutical industry for a very long time.