Forte dei Marmi buying marijuana

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Forte dei Marmi buying marijuana

The Russian billionaire was clad in Rainbow sandals and a RipnDip T-shirt as he greeted executives from his latest venture, a cannabis company called Genius Fund. Started in , Genius Fund had been envisioned as a vertically integrated cannabis company that would own its supply chain, creating products to sell at its own dispensaries. Bosov was the sole investor in Genius Fund, which had launched the previous fall under the leadership of two young tech entrepreneurs, Ari Stiegler and Gabriel Borden, who told Bosov they could help him build a weed empire in California. On March 26th, , just three months later, Shinder laid off the entire staff. Around the same time, Genius Fund shuttered its flagship store on Melrose Avenue and ceased operations, less than two years after its inception. The company might have been overlooked as another expensive weed venture going belly-up. Peron co-authored Proposition , which was approved by voters in , making California the first state to allow medical cannabis use. Though the quasi-legal market was widely unregulated, it had a supply chain, established brands, and hundreds of delivery services, especially in the Los Angeles area. In January of , California ushered in adult-use legalization — but many legacy cannabis growers and small business owners entering the legal market struggled , due to exorbitant taxes and strict regulations. The illicit market thrived. Private equity firms have raised millions to acquire California cannabis companies, while old-school growers and activists who fought to make weed legal struggle to retain a foothold in the industry. Still, investors from the U. The links between Moscow and California cannabis were exposed in a series by the Sacramento Bee investigating Ukrainian-born Andrey Kukushkin, who is a partner in multiple cannabis operations in Sacramento. Kukushkin was indicted by a federal grand jury, along with two associates of Rudy Giuliani, in a scheme to use Russian money to support politicians who could potentially help them get retail cannabis licenses. Dmitry Bosov was another uber-wealthy Russian seeking investment opportunities in the U. Bosov graduated from Bauman Moscow State Technical University in and started his first company with classmates selling computers. He has pleaded not guilty; the case is ongoing. At the time of his death, Bosov was set to testify against an ex-partner named Anatoly Bykov, who was arrested for allegedly ordering contract hits on his enemies. Stiegler, now 29 and Borden, 27, first met when they were in college — Stiegler attended USC — hustling as brand ambassadors for the ride-share company Lyft. They reconnected a few years after graduating, bonding over their shared interest in cryptocurrency. Stiegler brought Borden on as an advisor at a cryptocurrency exchange company, then called Samsa Technologies Inc. Stiegler says otherwise. Like so many with outlandish dreams, Bosov uprooted his life and moved to Los Angeles. An image of execs from the Genius Fund website in August shows a seven-person, all-male leadership team. His eponymous website has no mention of Genius Fund. He wanted a hemp farm. He wanted brands. So we built all these different pieces of the vertical — as he wanted. The group initially worked out of two apartments in Venice Beach, but they soon upgraded to an airy 13, square foot, three-story office building in Culver City, complete with a Tesla Supercharger station in the parking lot. Genius Fund grew quickly as Stiegler and Borden hired employees from well-known cannabis companies, along with friends and associates of theirs from college, many of whom had no experience in the weed industry. Salaries and perks were lavish, former employees say. During the early days of the startup, with millions in investor funds, Genius execs lived like rock stars, employees say. This type of living exists? Amid his jet-set surroundings, Bosov was low-key, even schlubby, often sporting a fanny pack and T-shirt. After the heady rush of the founding, things began to change at Genius Fund. In April of , the company hired Francis J. Racioppi, Jr. Racioppi, a former U. Standing at attention, flat-top. Why Genius Fund hired Racioppi is unclear. He had been fired from his position as director of global security at Snap Inc. At the time, he denied wrongdoing and said he would challenge the investigation. According to coworkers, Racioppi quickly brought in former colleagues from Snap Inc. Over the next several months, Racioppi filled several management positions and installed a team of six security specialists. Racioppi began accompanying Stiegler and Borden when they flew to meet with Bosov, who left the U. Citizenship and Immigration Services issued a policy alert warning foreigners against violating federal cannabis law, effectively blocking them from involvement in the state-legal cannabis industry. Despite the turmoil, employees say, Bosov continued to invest in Genius Fund and run the company from abroad. Racioppi quickly rose to an executive rank at Genius Fund and was promoted to chief operating officer in October Anonymous posts by supposed Genius employees on Glassdoor seem to support both sides. US, along with the flagship store on Melrose Avenue. Clifford declined to comment for this article and has since scrubbed Genius Fund from his LinkedIn page. Part of the mission of GEN! It just cost the most to make. Less than a mile away from the GEN! MedMen execs stepped down last year after the multi-state company lost 95 percent of its value. US, however, wanted to move away from stoner culture entirely, catering to the high-end cannabis connoisseur, while seemingly not understanding what that customer would want. It charged more for its products than other stores in the area. It enforced a policy that required shoppers to remove their hats so they could be captured on security cameras. That, in particular, was a red flag for Rama Mayo, co- founder of the cannabis branding agency Green Street, who interviewed as a marketing consultant for Genius Fund in January of These dudes are never gonna come back in their life. The company was out of touch in other ways, too. The farm was supposed to supply industrial hemp for the GEN! US CBD product line. When local authorities visited the initial site of the Sierra Valley hemp farm in April , they were met by two armed guards carrying automatic handguns with scopes. Sheriff Greg Hagwood testified at a Plumas County Board of Supervisors meeting that, when detectives approached the security guards, the guards showed fake IDs and paperwork, falsely identifying themselves as law enforcement. Hagwood said county officials discovered several other violations at the hemp farm. Building materials had been hauled in, underground piping and wiring were being installed, multiple greenhouses had been built, and trees had been cut down — all without permits. The measure was narrowly defeated in a vote by the Plumas County Board of Supervisors. Things were also going downhill at the Genius Fund office in Los Angeles. Stiegler was accused of making demeaning comments about women by multiple former business colleagues, according to reporting by dot. When asked for comment, Stiegler denied the story through a spokesperson. Another female coworker claims Racioppi was the key contributor to a toxic office culture. She cites the experience of a female executive assistant who was asked to accompany Racioppi and his all-male security team on a two-week excursion to Cabo San Lucas in December During the trip, she would later say, she was asked to wear a dress and encouraged to drink excessively at club outings, including one to a strip club. When the assistant returned to Los Angeles, she made a written statement to the company documenting the trip, saying that she felt taken advantage of by Racioppi. The atmosphere at the workplace was very uncomfortable for me. There were also reported incidents of small-time weed smuggling. He declined to comment on the matter for Rolling Stone. After that, Genius Fund seemingly began to unravel. Several employees were let go when they returned to Los Angeles from Mexico. In January , the Melrose Avenue store was robbed after the security guard left for the night, despite having foiled two attempts earlier in the evening. He claimed that Bosov directed him to implement a reorganization plan, with Shinder overseeing the restructuring. Racioppi said Shinder immediately began carrying out a wholly different reorganization, giving himself complete control over the company and cutting Racioppi out of all executive-level decision making. As the coronavirus pandemic spread across the United States in March , most cannabis businesses were declared essential , along with grocery and liquor stores. Even so, Genius Fund shut down on March 26th when Shinder issued a directive firing all existing staff, purportedly because Covid had disrupted business. Racioppi filed his lawsuit on April 24th, , claiming that Bosov and Shinder used the pandemic as a smokescreen to squeeze him out for sounding the alarm about fraud, drug smuggling, and mismanagement at the company. He kept a gun with him during lockdown, believing the pandemic would lead to rampant crime, and fearing home intrusion. A Glock pistol was found next to his body. Stiegler has hired a public relations firm and refutes all accusations of mismanagement or wrongdoing. Borden, who was never high-profile, has stayed out of the public eye. And many former Genius employees have scrubbed the company from their resumes and social media. The amount of the settlement is unknown. One mile west at the Cookies dispensary, cannabis sales — and stoner culture — are thriving. If you are struggling with thoughts of self-harm, the National Suicide Prevention Lifeline is You can also reach the Crisis Text Line. Rolling Stone is a part of Penske Media Corporation. All rights reserved. The Greatest Guitarists of All Time. The Greatest Albums of All Time. The Greatest Singers of All Time. In this article: California, Cannabis, marijuana, medical marijuana. Sub Culture Sub Culture Features. Go to PMC. Most Popular. You might also like. Powered by WordPress. Log In. Sub Culture. RS Films. RS Recommends. Culture Council.

The Oligarch and the Marijuana Fund

Forte dei Marmi buying marijuana

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Forte dei Marmi buying marijuana