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Potrepreneurs Seeing How Chill The SEC’s Gotten

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Terra Tech and GrowBlox are hoping prettyay prettay prettyay chill.

Both Terra Tech and GrowBlox are now pursuing the S-1 registration process because of contractual commitments to providers of capital who received convertible debt and/or warrants, according to their S-1 forms. SEC registration would allow the holders to sell their securities without meeting the conditions of Rule 144A, which “allows public resale of restricted or control securities” only after a holding period before the sale, and other conditions….

The company previously filed two S-1s in 2013. While they were in process, the SEC asked whether the company’s business model violated federal law, and “we responded that were just selling equipment at that point. They were comfortable with that at the time,” said Mr. Peterson. On both of those S-1s, the SEC responded favorably to Terra Tech’s request to accelerate, that is, to allow the filings to become effective without a waiting period….

Terra-Tech’s S-1 is explicit about the focus of its business. “Recently, we formed three majority-owned subsidiaries for the purposes of cultivation or production of medical marijuana and/or operation of dispensary facilities….”

Pot Dealers Test SEC On Registration of Scofflaw Shares [WSJ Risk & Compliance Journal blog]


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Mary Jo White is a taskmaster's taskmaster.