Precision Extraction Launches Cannabis Harvesting and Refinement Technology

  • In January 2018, Temkin’s associate Romantsoff, who the suit later mentions said he had a hundred million dollar clothing empire in Russia, convinced King to hire him part-time; Romantsoff began working remotely from Miami and visited Cannafornia every few months, according to the complaint.
  • Believing millions more were coming in, King and his team leased a 250,000-square-foot property and a separate 30,000-square-foot property, both in Salinas, Calif., between March and September 2018, the suit alleges; the money never came, and King began spending most of his time working to raise capital for Cannafornia, including at investor conferences.
  • Between September 2019 and February 2020, Romantsoff, Romantsova, and Romantsova’s husband Roman Severchukov, terminated more than 30 Cannafornia employees, including many of the employees who had a long history working with King or who they perceived as being loyal to King, the complaint reads.
  • Around early March 2020, according to the complaint, King terminated Romantsoff, Romantsova, Bukharova, Severchukov, Bukharova’s stepson Timur Daulbaev, and Dinara Akzhigitova, who had become controller of Cannafornia at Romantsoff’s recommendation.
  • The complaint also claims that Romantsoff and Temkin agreed with King on a $21 million investment in Cannafornia from Russian investors in exchange for a 37% interest in Cannafornia Holdings for the Russian investors; they then agreed to increase that percentage to 50%,.
  • Romantsoff and Temkin’s March 26 complaint against King, filed in Fla.’s 11 th Judicial Circuit Court General Jurisdiction Division, outlines a malicious campaign by the Defendant to disseminate false and inherently damaging statements about Plaintiffs in an effort to gain leverage in a business dispute between the parties.

Read full article: cannabisbusinesstimes.com