Have you been lied to by Folium Biosciences? Have you felt uncomfortable working with Folium Bioscience? Since 2017 we have heard reports of mismanagement, unpleasant work ethics and more. However, it wasn’t until September of 2017 that we started seeing the proof.
Folium Biosciences sued for stealing trade secrets
On September 27, 2017, Folium biosciences was sued for stealing trade secrets from Orochem Technologies, Inc. According to the complaint, Orochem is a biotechnology company that uses proprietary separation methods to extract and purify cannabidiol (CBD) from industrial hemp in a way that produces a solvent-free and THC-free CBD product in commercially viable quantities.
The complaint goes on to say that Folium Biosciences engaged Orochem to produce a THC-free CBD product. According to the allegations in the complaint, Folium used that commitment to gain access to and discover the details of Orochem’s trade secret so that it could take the process and use it at their facility.
The lawsuit alleges Folium’s CEO Kashif Shan making secret cash payments
The Cannabis Law Report states that Folium is being sued by its former Vice President of business development and marketing, Dale Takio after Shan allegedly reneged his promised equity in the company.
The lawsuit accuses the company of breach of contract and demands an accounting of the company records.
According to the Cannabis Law Report, the lawsuit states that Shan and Nguyen caused over 3 million dollars to be transferred to Shan’s wife and over 1 million to be transferred to Quan Nguyen while other Folium did not receive comparable amounts.”
Folium Finance misleading report lead to Australis stock price hike
Folium Biosciences teamed up with publicly-traded Australis, to announce the launch of Folium Finance, April 2019.
According to the Cannabis Law Report Australis stock price jumped $0.30 over two weeks after the press release. The purpose of the press release was to announce the launch of Folium Finance. The report tells that Folium released the announcement in the hopes of moving the stock price up.
Reports of Folium purchasing Marijuana instead of Hemp
Over half a dozen former Folium employees, interviewed by Cannabis Law Report, reported that lying is simply a part of Folium’s corporate ethos.
This includes buying “hemp” with THC above 0.3%, from a California grower in August 2018.
Cannabis Law Report stated that the product that arrived at the processing plant was subsequently tested and the results were “above” the legal THC limit; an indication the company had purchased marijuana and transported it across state borders, which is illegal on the federal level.
CBD.how investigated Folium Biosciences and found troubling reports of racism and sexism
During our investigation, we spoke to a former employee who didn’t want their name to go on record. According to the former employee, Folium has engaged in sexual discrimination against LGBTQ employees and has fostered an environment of racial discrimination.
We were able to confirm this to be the case when a sales member of folium openly agreed that reports of discrimination are accurate.
The former employee we also spoke to concluded that the previously reported issues with Folium are known throughout the company with employees leaving in anticipation of a federal investigation.
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