HERBL, California’s largest pot distributor, has completely imploded in a turn of events that’s expected to have ripple effects throughout the industry.
In mid-May, as rumors of the company’s dire situation swirled, CEO Mike Beaudry insisted “these rumors are categorically not true.”
HERBL completely collapsed less than a month later, following in the footsteps of other California cannabis startups like Flow Kana and MedMen.
The company leaves behind $17 million in unpaid taxes, while several smaller pot companies which have been left in the lurch, SFGate reports.
“Mike [Beaudry, HERBL’s CEO] and his team did a really good job of hiding that fact from their own brands… that’s how they kept getting our products,” said Ali Jamalian, owner of San Francisco cannabis company Sunset Connect, who claims that HERBL owes him $180,000.
Another CEO, Tyler Kearns of Sacramento-based cannabis company Seven Leaves, said HERBL owes his company $880,000. He says he knew the collapsed distributor was in trouble when he found out in June that they were laying off delivery drivers, and that it was going to be near impossible to get that money back.
“I knew this was going to be the biggest failure in U.S. cannabis history,” he told the outlet.
All govt cares about is the TAXES !!!!! Next they make Cocaine LEGAL & Prostitution too !!! Tax Tax Tax !!!!
Cocaine and prostitution should also be legalized and taxed and regulated. Making these things criminal never stopped people from doing them. It just makes them depend on criminals to get them. That’s where most of the problems and violence come from. Remember Prohibition and Al Capone?
Get-er-DONE !!! then
Must be Willie Nelson’s stash !!!!
Was it a BIDEN company !!! ???