Jerry must have decided at the last moment the Private Placement package wasn't of the right QUALITY he was looking for and he pulled out of the deal. I expect he is door knocking at Newport, RI looking for old establishment money that is of good enough QUALITY to finance Tom's new hempy (non-THC) drinks. Jerry has such high standards for the money he wants to raise it was presumably why the restaurants chain deal didn't go through - too many nouveau riche bozos wanting to push their grubby, undistinguished cash onto him.