The Minnesota Office of Cannabis Management (“OCM”) conducted its license lottery for social equity applicants on June 5, 2025. Lottery winners received preliminary approval and must secure a business location and, in many...more
In the world of early stage investing, there exists a range of structures from the most founder friendly to the most investor friendly. The most investor-friendly structure involves some type of a priced round in which...more
One common problem of early-stage ventures is the difficulty in determining a company valuation when recruiting capital from investors. This problem derives from the tension between entrepreneurs’ desire for a high valuation...more
Raising money for a company is challenging. It can be even more challenging if you haven’t been through the process before and don’t know what decisions you need to make. In this article, we will lay out ten different...more
In remarks at the Annual SEC/NASAA Conference, SEC Commissioner Michael S. Piwowar focused on the suitability and adequacy of disclosure of a security known as a “SAFE” that has been used in crowdfunding transactions. SAFE is...more
After years of increasing acceptance of and reliance on convertible note financings as a mechanism for funding early-stage companies, we have noted a clear emerging trend away from such transactions (and others like them,...more