Worcester Business Journal

wbjournal.com | September 17, 2018 | Worcester Business Journal 7 CLIENT: FAMILY-OWNED RETAILER This convenience store and fuel retailer with an exis ng defined contribu on plan was acquired by a compe tor, resul ng in separate plans and service providers. Increasing their HR workload and exposing the company to addi onal risk, management knew they needed to consolidate plans and streamline administra on. The experts at H&H used their years of experience to create a modern plan structure. The end result – a more manageable plan and clearer understanding of its features, encouraging employees to save more. Get the full story at hhconsultants.com/success Put our knowledgeable and dedicated professionals to work for your business. We offer a full range of comprehensive actuarial, investment advisory and re rement plan consul ng services. We iden fy our client's needs, custom design programs to achieve the highest level of success, and consistently exceed expecta ons. PLAN CONSOLIDATION TO GET FUELED UP OVER Each client's situa on is different and results may vary from those presented here "at might be 60 percent of our marijuana revenues," Hudalla said. Aer months of what Hudalla called frustrating negotiations, the company was informed the Board of Selectmen will discuss the company's proposed terms at its Sept. 17 meeting, but ap- proval still isn't a done deal. Moving the company or filing a lawsuit would be too expensive with no adult-use revenues, Hudalla said. James Smith, a partner with Boston law firm Smith, Costello & Crawford said the young industry – which has yet to generate any revenue – is forced into contracts he feels aren't legal. "We don't have any leverage on our side of the table," said Smith, who rep- resents two dozen marijuana companies. More than 200 communities in the state have either banned or temporarily halted the industry within its borders in some capacity, and finding a city or town with pot-friendly zoning is hard enough. Companies only begin negoti- ations on a host community agreement aer financial investments are already made on a location, Smith said. "It's not like I can take my 7-Eleven and go to the next town over," Smith said. "ese businesses are under a lot of pressure to get these stores open." Since host community agreements are a required piece to even apply for an adult-use marijuana license with the Cannabis Control Commission, cities and towns can essentially hold up the process if a company won't agree to pony up the cash. is issue seems destined for litiga- tion, Smith said. "At some points, this will be in the courts, inevitably," he said. "But right now, there's very little money in the business." Funding charities and welcome signs In a WBJ review of 13 host commu- nity agreements in Central Mass., eight include payments potentially above the 3-percent limit or not relating to a facility's operations. Others include flat fees, payments to charities or funds to be used at the municipalities' discretion. In Ayer, Central Ave. Compassionate Care, a cultivator, manufacturer and retailer already operating in the medical pot industry signed an agreement with the town with the company paying $30,000 for the town's Youth Works Program, $2,500 to charities, $6,500 to a DARE program at the Ayer-Shirley Re- gional School District, $1,500 for a fire safety program with the fire department and up to $12,000 for the material and installation of a "Welcome to Ayer" sign. In Medway, cultivator CommCan has agreed to pay $100,000 in annual pay- ments in addition to payments already in place via a 2016 agreement for the company's medical operations, includ- ing $25,000 annually for any municipal Continued on next page Member FDIC | TD Bank, N.A. Business banking your way. We do business like you do business — with passion, commitment and a personal touch. Stop by one of our convenient locations, visit us at tdbank.com/smallbusiness or call 1-508-368-6513.

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