Connect with us

Legal & Regulation

Colorado CBD Company Folium Biosciences Faces Lawsuit Over Private Cash Payments

Otto Baynes

Published

on

Colorado CBD Company Folium Biosciences Faces Lawsuit Over Private Cash Payments

Whole Hemp Company, LLC is facing a lawsuit. The plaintiff is the company’s former vice president of business development and marketing, Dale Takio.

He alleges that Kashif Shan tried to deprive him of promised equity in the company, and that Shan and Quan Nguyen committed breach of contract and breach of fiduciary duty.

The court filings, as presented by Green Market Report, states in part:

“For example, on January 8, 2019, Shan and Nguyen caused $585,070.55 to be transferred from Folium’s bank account to Nguyen. That same day, Shan and Nguyen caused $1,999,921.84 to be transferred to Shan’s wife. On January 18, 2019, Shan and Nguyen caused $464,745.69 to be transferred to Nguyen. Also on January 18, 2019, Shan and Nguyen caused $1,664,672.54 to be transferred to Shan’s wife. In other words, in January 2019 alone, Shan and Nguyen caused $3,664,594.38 to be transferred to Shan’s wife and $1,049,816.24 to be transferred to Nguyen. Other Folium members, such as Takio did not receive similar distributions.”

The lawsuit further alleges, in part:

“On information and belief, Shan and Nguyen have engaged in numerous other acts of misconduct that have caused significant harm to Folium and its members, including Takio”.

Cannabis Law Report reportedly tried to ask the company questions, but it refused to answer.

Otto Baynes, a self-titled ‘great researcher’ with a Bachelor's Degree in Journalism, Linguistics, and Sociology, is one of the main core contributors at TOC to deliver daily news and fresh takeaways. It becomes very evident when consuming his cleverly-crafted content that his avid health and nutrition research skills are top shelf and are on full display. Watch Otto closely as Mr. Baynes plans to keep a pulse on the rapidly-evolving hemp and CBD industries.

Continue Reading

Disclaimer


Ultimate CBD Guide

ultimate-cbd-products-company-guidepopular-cbd-health-benefits best-cannabidiol-guide-resources hemp guide

TimesofCBD is the most active daily CBD news publication featuring the latest cannabis industry stories and marijuana market trends. As the leader in CBD-centric content curation, we invite all readers to come for the headlines and stay for the insights. Quality is the top priority when presenting user guides, analyzing product reviews and reporting fact-checked news announcements. All information is for educational purposes only.

Got news? Email contact@timesofcbd.com