Cannabis in Equity Inc

“Cannabis in equity, inc. ("cie") was formed in 2023 as a 501(c )(3) charitable organization. The purpose of cie was to assist individuals who are poor, distressed, or disadvantaged due to criminal conviction for non-violent marijuana-related offenses (such persons being referred to as "qualifying persons and such offenses being referred to as "qualifying offenses") by (1) developing a legal program to assist with the expungement of qualifying offenses and (2) developing and providing educational programming for qualifying persons interested in seeking employment or entrepreneurial opportunities in the cannabis economy. Cie was formed as the same time as a 501(c)(6) "business league" named "the national association of cannabis businesses, inc." ("nacb") with the commitment to provide the initial "seed money" for cie as well as nacb from a generous u.s. Private person. It should be noted that the purpose of nacb was to form a membership association in which participants in all aspects of the burgeoning nation-wide cannabis industry could take part with a goal of developing an ethos of social and environmental responsibility in the development of the industry - defining, supporting and encouraging best business practices as well as consideration of the welfare and long-term health of the consumers of cannabis products. While nacb was to serve as a highly professional and ethical "driver" of the cannabis industry, cie was intended to help restore the reputations and talents of those whose participation in the industry and society in general could be thwarted due to past difficulties with the law at a time when the mere possession of cannabis anywhere in the united states or its use could have severe legal repercussions. Now, the core of the nacb operation was to be an ai-infused interactive information platform similar to chat gpt, which was expected to collect and synthesize information and data about the cannabis industry and the many aspects and challenges of its development for use by nacb members. As relayed in a report being filed with the 2024 form 990-pf of nacb, the association retained the services of a very promising and seemingly attractive principal contractor based in canada, which appeared to have the ability to gather and coordinate resources to build up the unique database and information system needed to launch nacb's plan of action, retain the best producers of ai technology appropriate to the mission of nacb, and recruit the best companies, vendors and advisors to assist in marketing the services of the association and engage in membership recruitment. The leadership of cie retained the same principal contractor and their associates to produce an "algorithm" to provide a platform for persons seeking the assistance of cie to apply for assistance; link up with appropriate professional advisers; and receive, under certain conditions, financial support for the process of clearing their records and taking other steps needed to be fully rehabilitated into society. (the leadership of the association and the principal donor had no personal, family, or business relationship or history with the principal contractor or any of its subcontractors or employees.) as detailed in the explanation included with the 2024 form 990 of nacb regarding a parallel and related diversion of funds, the leadership of nacb and cie met with the chief executive of the primary contractor on a frequent basis, beginning in november of 2023 and ending in august of 2024. The associations were presented with attractive and appealing presentations and updates, with assurances that significant progress was being made in building up the ai/chatgpt system and software needed for cie as well as nacb. However, the primary contractor developed a habit of trying to expand the budget parameters of the project for both nacb and cie and pressed for supplemental funds in the summer of 2024. At that point, the leadership of nacb and cie began to become suspiciou”

“Circulated via email prior to filing.”

“Revisited annually at meeting.”

“Governing documents are not available.”

“Consulting: program service expenses 49,267. Management and general expenses 12,317. Fundraising expenses 0. Total expenses 61,584.”