A Conflict of Interest is defined as;
2. A situation in which a party’s responsibility to a second-party limits its ability to discharge its responsibility to a third-party.
Read more: http://www.businessdictionary.com/definition/conflict-of-interest.html
A series of safeguards define a list of steps necessary for a Director/Officer to maintain compliance with all applicable laws, bylaws, and regulations when operating under a conflict of interest, a brief summary of the process is described as follows; 1) Potential conflicts are submitted by the Director/Officer to be evaluated by the Legal and Compliance Committee for legal opinion and further referred to the Board of Directors for review; 2) Board of Directors reviews the conflict for further evaluation as a potential benefit for the foundation and the entire Board (excluding those related to the conflict) subsequently votes for approval or denial (all conflicts must have a majority vote of the Board of Directors in office excluding those related to the conflict); 3) If denied, the conflict is forbidden and monitored for compliance, if approved, the conflicting business activity is supervised by each; the Legal and Compliance Committee, Board-Committee most closely associated to the conflict, and the Board Secretary/Executive Branch of the Foundation to ensure compliance with all applicable laws, bylaws, rules, and expectations; 4) All conflicts are evaluated annually for the need of potential adjustments to terms necessary to bring the conflict into the favor of the foundation. All conflicts must be considered beneficial for the foundation in order to be considered, approved, implemented, or renewed. Cannalogix Foundation is a social purpose entity founded by-patients, for-patients, in the name of patients and welcomes innovative ideas to serve the patients and the medical cannabis movement.
J.B. Creel, CRO, Executive Vice President and Director of Research and Development
J.B. Creel is the co-founder of Cannalogix Foundation and Director of Research and Development. J.B. Creel also serves as Managing Principal of Cannalogix – IP Holdings, LLC. (C-IPH). C-IPH is the assigned owner of all licensed Intellectual Property regarding the Cannalogix – Xendance Research Program data collected under joint cooperation between Cannalogix Foundation, Cannalogix Farmecology Group, and Cannalogix Biological and Pharmaceutical Group since inception. This includes all technology previously co-developed under cooperation with Cannalogix Foundation, Oregon Cannacopia Cooperative, Stormy Ray Cardholders’ Foundation, and the Oregon exclusive operations previously known as Cannalogix Biological and Pharmaceutical Group, Inc. and Cannalogix Farmecology Group, Inc.
Under Cannalogix – IP Holdings, LLC, J.B. Creel and other respective co-developers retain ownership of the data collected throughout the research process and continue to align the research program with Cannalogix Foundation as a dedicated incubator to share the technology with those who seek to advance the science of cannabis therapeutics. Cannalogix Foundation retains no less than 5% of any entity that uses any technology co-developed by Cannalogix Foundation and or J.B. Creel to ensure the foundation is funded for future research endeavors and Veteran/Patient Advocacy projects. Furthermore, Cannalogix – IP Holdings, LLC has granted a Humanitarian Licenses that the Stormy Ray Cardholders’ Foundation and Cannalogix Foundation collectively hold rights to distribute into the Humanitarian Domain for services to Veterans, Disabled, and Indigent Patients.
J.B. Creel has been researching cannabis since; before coming to work for the Stormy Ray Cardholders’ Foundation; before co-founding Cannalogix Foundation; and before serving as Medical Liaison for NORML. All of the listed technology originated from and remains the property of J.B. Creel, exclusively assigned and managed by Cannalogix – IP Holdings, LLC., 203 South Main St. Suite 3000, Sheridan, Wyoming, 89121, or the technology’s respective Master License Assignee. All models vary as far as participation, ownership, and or management with regards to the respective contract governing the relationship between Cannalogix – IP Holdings, LLC, the Stormy Ray Cardholders’ Foundation and the entity and its respective owners in question.
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