How can shareholders of a publicly traded company benefit by investing in not for profit companies?
In 2014 the company advised it needed 11 million for the Nevada build out. Since then the company and partners purchased 1.2 million building on Virginia Street and 340,000 in land in Washoe County and have completed the Western Ave location.
Yet now in 2016 the company states in their filings they need 13.5 million for Nevada.
As these costs apparently increased in March of 2015 the company agreed to give Salwa Ibrahim 500,000 in start up funds and a line of credit for 5 million dollars. This 5.5 million was to be used for a "not for profit" dispensary named Blum Boutique in Berkeley Ca. This agreement was never disclosed to shareholders.
Then Salwa Ibrahim again went before the city of San Leandro with a proposal to start up Blum San Leandro where TRTC agreed to loan 4 million dollars. During the San Leandro process Salwa agreed to self fund the project after speaking with the City Attorney (IMHO) so she has other resources IMHO. She also pointed out in her application that her company had NO OBLIGATIONS to TRTC.
Both of these applications failed but the question remains the same.... if they had been approved the shareholders would have an additional burden of close to ten million dollars where the return at best was 5% loan .(TRTC past financing was at a cost of 12%)
Salwa is doing it again ...... Sep 2nd 2016
Mill Valley: Dipsea Cafe would become marijuana dispensary if owner wins coveted permit
"Though they own competing businesses in Oakland, Ibrahim said they were moved by Siotos’ story and vision."
"The selection process is expected to take four to eight months. Applicants were required to submit a business plan, an operating plan – ensuring that the dispensary will not generate a profit – a security plan, a site plan and a public benefits plan."
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