Sham Agreements and Ghost Owners Are on a Rise
Video Transcribed: Why is the Oklahoma Bureau of Narcotics investigating medical marijuana grow businesses? I am Oklahoma medical marijuana attorney, Ope Adegbuyi.
Today we’ll be talking about why the OBN is cracking down on medical marijuana grow businesses. In the last few months, about a month or two, the OBN has shut down 200 grow operations and is presently investigating an additional 1,000 grow operations. They’re doing this because businesses that have out-of-state owners have contracted with brokers or law firms to create sham agreements and ghost owners.
Ghost owners mean the Oklahoma resident is paid a sum to own 75% of the business, and then the Oklahoma resident is not involved with the business at all. So when you submit your operating agreement or whatever document you’re submitting to OMMA, it shows that 75% of the business is owned by this Oklahoma resident. And you, the out-of-state owner, own only 25%. And this is how you’re structuring your business. However, you have a deal on the low that says, “We’re going to just be paying you money. You’re not really involved in this business.”
OBN is saying that that is illegal if you have an underlying document trumping your operating agreement, so that’s why they’re cracking down on businesses.
If this sounds like you or your medical marijuana grow operation, we could get you back in compliance. You can contact me at oklahomamedicalmarijuana.attorney for help from an OMMA compliance lawyer in Tulsa.