Nasdaq Rejects Cannabis Company

In a significant but not entirely unexpected or surprising blow to the cannabis industry, the Nasdaq stock market has decided to reject the attempt by MassRoots, a social networking site for cannabis enthusiasts, to list on their exchange. The reason: because they may be deemed to be aiding and abetting a federal crime in the distribution

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How to Modernize “Accredited”?

The SEC’s Advisory Committee on Small and Emerging Companies, co-led by Sara Hanks (left), met the other day to talk about how to update the definition of “accredited investor” following a detailed report issued by the SEC back in December. As we know, only accrediteds are permitted to invest in certain types of securities offerings.

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Statutory Crowdfunding Begins

It took four years since the passage of the Jumpstart our Business Startups (JOBS) Act, but it is finally here. Regulation Crowdfunding, approved by the SEC back in October, is now officially in effect. Companies can work with a broker-dealer or registered online portal to raise up to $1 million per year from an unlimited

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As 116-Year Old Passes, Whither the Age Limit?

So much to consider with the passing of nearly 117-year old Susannah Mushatt Jones here in New York City the other day. There’s now only one person documented alive who was born before 1900 (Ms. Jones was born in 1899). Though blind in recent years she was apparently in reasonable health until the last year or

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SEC Completes JOBS & FAST Act Rulemakings

Last week the SEC proudly announced the completion of its rulemaking obligations under the Jumpstart Our Business Startups (JOBS) Act of 2012 and the mini-JOBS Act 2.0 tacked onto the Fixing America’s Surface Transportation (FAST) Act. The last rules had to do with implementing the increase in the number of shareholders triggering an obligation to

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Gap Year? Later Start? Time for Change in High School

We lag behind the world. Pearson says the US is 14th in the world in “cognitive skills and educational attainment.” And we are ranked second in ignorance about social issues (only Italy is worse). This is not news. But today two interesting tidbits that could restart the conversation about the best way to achieve greater academic excellence

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Foreign Listed Companies: Consider Also Trading US ADRs

I am headed across the pond to spend some time in our firm’s London office this week. Why (besides the bacon sandwiches and good ale)? To meet with a bunch of folks about allowing the equity of already public UK companies to trade here in the US as American Depositary Receipts or ADRs. While this

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Thanks SiriusXM!

Your humble blogger was honored yesterday to appear on the SiriusXM Business Radio program “The Business of Health” hosted by the very capable Mitch Goldman. The topic: medical marijuana. We had quite the fascinating group of folks interviewed, including doctors, entrepreneurs and yrs truly. It was nice to get back to my alma mater, the

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IPO Market Comes Out of Hibernation

As the thermometer hits 79 today here in NY, the IPO market also seems to be thawing out of a long winter. Last week the BATS stock exchange went public and saw a 21% bump in its first day of post-IPO trading after raising about $250 million. BATS was significant as the first non-healthcare deal

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Filling SEC Commissioner Spots Gets Political

According to the Associated Press and others, the process of filling the two open SEC Commissioner positions is being held up primarily because of the nominees’ views on whether public companies should disclose their political spending. Key Senators have asked both Lisa Fairfax, the nominee for the Democratic seat, and Hester Pierce, tapped for the

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