Crowdfunding portal for cannabis and digital startups, CrowdGather, Inc.(OTCQB:CRWG), announced on Tuesday it has expanded its advisory board in anticipation of cannabis operation expansion. Ben Larson and Carter Larson, co-founders and managing partners of Gateway Incubator, have been selected for the new positions.
Larson is currently director and mentor for the Founder Institute. He is co-founder of The Food Nest and Pitch.Coach and senior adviser for YBUSA. Lauren is also director and mentor for the Founder Institute and co-founder of Pitch.Coach. He is also an active angel investor and adviser.
Sanjay Sabnani, chairman and CEO of CrowdGather, Inc. stated:
“We are pleased to add the support of Ben and Carter to help us expand our activities in the cannabis sector. Oakland-based Gateway Works is California’s premier cannabis business accelerator and cannabis industry specific coworking space in California. As a featured Mentor to Gateway and the cannabis start-ups in their program, I have the privilege of interacting with both Ben and Carter as well as their initial cohort of startup members. Now, we have the exciting prospects of working with them to explore the coworking space for ourselves.”
Just a few months ago, CrowdGather announced its corporate restructuring including the recent sale of its gaming subsidiary, Plaor, Inc, as well as an agreement with its creditor, Iconic Holdings. CrowdGather reports that it will begin a negotiated conversion at a fixed price of $0.01 per share in order to allow it to have the opportunity to complete an equity financing at the same price over the coming period. As part of any proposed financing, the company’s CEO may also convert up to $240,000 of money he lent the company last April at similar terms as long as the total of any such financing not exceed $1 million in aggregate.
At the time, Sabnani, explained:
“Since the inception of CrowdGather, we have built up and been forced to divest two businesses that we built to record levels of revenue. First our social media assets in the forum space, then with this sale of Plaor, we have sold our gaming business. Along the way, however, we have acquired a significant expertise on both the digital asset acquisition and sale side, but also in user acquisition for sites, apps, and games. Now with our remaining forum assets including WeedTracker.com, we intend to apply all of our experience — transactional and digital — towards creating a dynamic operating company in the cannabis sector. We are anticipating significant operating losses from our remaining business in the near term, but cost cutting measures over the past few years has significantly reduced out net cash expenses. Our goal will be to push as hard as we can to achieve break even by the end of the year if we can cost effectively acquire capital.”