Legal & Finance Update January 19, 2018

 
legfin.jpg
 

THIS WEEK'S UPDATES

shares.png
  • Great news! We have a new team member who will be starting next week. He will be the first full-time member of the finance portion of the Legal and Finance department. He will be starting in the role of VP of Finance, and we hope that he will eventually transition to CFO.
  • This week will start our second week of work on our US federal and state filings related to our seed round financing. We have allotted about 2 weeks to complete the process of filling the forms and filing them with the local jurisdictions. We have completed most of the forms. The only speed hump that could deter us from completing this task is that we have to get some advice from a US securities lawyer. We are working to engage such a specialist on an ASAP basis. Let us know if you have any recommendations.
  • Last week the legal department members all participated in a training session for our online share management system. We will be working to finalize the site this week and the program will go live around the time that we close the rounds. 

LOOKING FORWARD

onboarding.png
  • We will be primarily focused on securing an LP partnership this week, and we expect to get some legal documents related to finalizing a partnerships with a potential LP partner this week. 
  • We have some exciting ideas about how to update our offer letters and on-boarding documents. We are working to make the forms simpler so that we can hand over the template to our Productivity team as hiring ramps up. This will allow the team to fill out the forms with less assistance from the legal department.
  • We initially intended to send over the first draft of the definitive agreement for Pure Hemp Technologies deal this week. We have are decided to take more time with the document to add more provisions regarding the royalty program that PHT has proposed. This document is important to the legal team (and the future of the company), and we want to make sure we have taken our time to get it right instead of focusing solely on speed.

THINGS WE NEED HELP WITH

  • As our team gets larger, we are interested in investing in a program that helps with tight version control for our Word/Visio documents.