A multidisciplinary team of Fox Rothschild attorneys assisted legal cannabis startup Mollitiam NJ in securing $1.6 million in seed and bridge equity funding and $5.4 million in debt to establish a new cultivation and processing factory in Plainfield, New Jersey.
Our Morristown-based lawyers also worked alongside Mollitiam NJ to solve the many challenges associated with launching a cannabis business. That included obtaining state and city planning and licensing approvals and forming a corporate entity.
“We chose Fox Rothschild for its ability to address all of our legal needs,” said Mollitiam NJ Co-founder Ross Bevevino. “They took the time to understand our goals and helped us map out an innovative strategy to achieve them. We are very grateful to our legal team.”
Joseph DiPasquale, Fruqan Mouzon, Mat Carlson and Peter Kelly led the firm’s representation of Mollitiam NJ.
Mollitiam NJ, founded by industry veterans Bevevino and Steven Silva, plans to provide exciting flower strains, concentrates, edibles and THC beverages to the growing number of adult use cannabis dispensaries throughout the state through a diversified wholesale brand offering.
The company is headquartered in 75,000 sq. feet of Plainfield’s historic Front Street building, which from 1911 to 1961 housed a Mack Trucks factory.
“We will be prioritizing the distribution of a percentage of finished products to all Plainfield, NJ dispensaries to support our host city,” Silva said. “It’s our mission to create a successful supply chain so New Jersey dispensaries will succeed and provide tax revenue to their host cities. We will support the dispensary community – not compete.”
“We are extremely excited about our partnership with the City of Plainfield and the jobs that will be created in the burgeoning cannabis industry,” added Bevevino, a 15-year resident of New Jersey.
Mollitiam is Latin for “Resilience.”
Fox Rothschild is ranked among the top firms in the U.S. for cannabis law by Chambers & Partners and Legal 500, the industry’s leading providers of law firm and attorney rankings. Our skilled and experienced attorneys assist cannabis businesses at every step.
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