Med-X, the company behind the Nature-Cide line of pesticides and services for cannabis cultivation – as well as the parent company of The Marijuana Times – has announced their return to the StartEngine Crowdfunding Portal after a long fight that began with a relatively small mistake.
“Med-X’s offering was temporarily suspended in September 2016 by the Securities & Exchange Commission when it learned that Med-X had inadvertently failed to timely file its first annual report,” the company said in a press release. “Even though Med-X took full responsibility for the late report and acted quickly to come into compliance, the SEC Enforcement Division sought to have Med-X permanently suspended from using the Regulation A+ crowdfunding exemption.”
After a battle with the SEC that lasted some 9 months, Med-X was vindicated in May of this year and had their status restored. The presiding judge, the Honorable Jason S. Patil, vacated the SEC’s temporary suspension, saying, “Based on this record, Med-X inadvertently failed to meet its reporting requirements because of a mistake by learned counsel. Upon being advised of that erroneous interpretation, the company embarked on a commendable effort to successfully and expeditiously correct the deficiency. Though reporting requirements exist to provide current and potential investors with important information, the record reflects that investors were not significantly harmed and that a permanent suspension would not only adversely impact Med-X investors, but would unreasonably chill the use of Regulation A to raise capital. As such, the temporary suspension of Med-X’s exemption will be lifted.”
The ruling “stands as proof that companies can stand up to the government for what’s right and get a fair shake in the SEC’s own backyard,” said James Moyle, who represented Med-X in the administrative proceedings.
Administrative hurdles were cleared as the summer went on and Med-X received its final notice from the SEC on August 24th.
“Despite the distractions this past year, the management team has been diligently working on its business model and continues positioning the Company in accordance with its initial plan of operations,” said Matthew Mills, Med-X’s President and Chief Operations Officer. “The primary focus will be on the Nature-Cide product line for natural pest control in cannabis cultivation, along with the continued development of the popular online cannabis industry publication, The Marijuana Times.”
Throughout the last year, Nature-Cide built its reputation in several states as an organic pesticide of choice for cannabis cultivators, and The Marijuana Times retained a large readership, even with reduced marketing activity. Now both are poised to move forward with new vigor.
“We are excited to resume our plan of operations, and are very grateful to the many who continue to believe in and follow our mission. Over the last year, we have forged a number of relationships throughout the world. The Marijuana Times has continued to keep the mission alive with a constant flow of content that brings a high level of confidence of how we can continue to inform and gather the masses”, said Med-X’s Chief Executive Officer, Dr. David E. Toomey.
As tighter regulations emerge in places like Colorado and pesticide problems come to the forefront in California, Med-X is positioned to be a mainstay among the cannabis cultivation communities of those states and beyond.
Med-X, Inc. Direct Public Offering (DPO) gives all types of investors access to its Crowdfunding Regulation A+ stock offering. The Crowdfunding portal StartEngine.com, is now accepting investment funding for Med-X, beginning at the $420 level for 700 shares as a minimum investment.
As for The Marijuana Times, we will be bringing you more cannabis news and opinions than ever before. We will remain your go-to source for the latest developments in what is becoming an even more massive community and industry as legalization spreads across the United States.
The future is bright for cannabis and the future is bright for Med-X.
Great work Team Med-X, way to get thru all the legal and continue on the mission! I’ve believed in you from the start.