US Energy Initiatives Corp (USEI)

[canadiantrader_matt]

Did some digging here is what I found. Not sure how USEI has a MJ license in Cali when they will only start issuing in January 2018. Any thoughts?

California

In 2016, California voters passed the Adult Use of Marijuana Act. Under this ballot initiative, it's no longer a crime for adults 21 and over to purchase, possess and consume up to 1 oz. of marijuana in their private residence or in a licensed establishment.

The unlicensed sale of marijuana by individuals is a crime punishable by up to 6 months in county jail and a fine of up to $500. Businesses selling marijuana without a license could face civil penalties of up to 3 times the amount of the license fee for each violation. The Act also created the Bureau of Marijuana Control within the Department of Consumer Affairs which starts issuing business licenses in January 2018.

Highlights of California's regulations include:

Types of Business Licenses: (1) cultivation facilities; (2) manufacturers; (3) testing facilities; (4) retailers; (5) distributors; and (6) microbusinesses.
License Restrictions: Must be at least 21 years old with continuous California residency since at least January 1, 2015. Licenses can be denied to those convicted of serious or violent felonies or felonies involving fraud, deceit, embezzlement, providing controlled substances to minors, drug trafficking with certain enhancements. Licenses can also be denied to those previously fined or sanctioned for unlawful cultivation, production or commercial activities related to marijuana.
Application/License Fees: Fees for applications and renewals are set by the licensing authority.
Taxation: Effective January 1, 2018, the law provides for a 15 percent excise tax on the average gross receipts of any retail sale by a dispensary or other licensee, a cultivation tax of $9.25/dry-weight ounce for marijuana flowers, and a $2.75/dry-weight ounce of marijuana leaves.