Why?
Well it’s very simple.
This INCBA CLE presentation
The Changing Face of Raising Money: From Equity to Debt & Convertible Debt
Was presented by
Samantha Gleit | Tahira Rehmatullah, President | Nicholas Vita
Note that last name, Nicholas Vita
Nicholas Vita
Mr Vita has just landed himself in very hot water in the B.C. courts for the following (see below BIV report) and knock me down with a feather but here at CLR we get the sense that he’s providing information in this sanctioned INCBA CLE programme that costs $USD75 for non members on the very same topic that a judge in Canada has just said Vita was
“Fully liable for a debt he guaranteed through an offshore margin account, despite the man’s claims that the arrangement was an illegal sham.”
CLR has not listened to the CLE presentation as it is behind the $USD75 paywall but the very title, “The Changing Face of Raising Money: From Equity to Debt & Convertible Debt” more than implies he’s providing advice on the topic.
I presume this disclaimer on their website, they believe, removes any liability on their part.
INCBA’s website includes facts, views, opinions, and recommendations of third parties deemed to be of interest. INCBA does not guarantee the accuracy, reliability, completeness, or timeliness of, or otherwise endorse these views, opinions, or recommendations. You acknowledge that any reliance upon any such opinion, advice, statement, memorandum, or information shall be at your own risk. INCBA does not endorse any person for any skill, concentration, or expertise. The use of the Internet or this form for identification of or communication with any member does not establish an attorney-client relationship.
© 2026 Canbar Association DBA International Cannabis Bar Association. All rights reserved.
International Cannabis Bar Association, Cannabis Law Institute, Canbar Forum, and INCBArchives are service marks of the Canbar Association.
If Vita were on a normal zoom/you tube chat fest provided via the INCBA this would neither be here nor there but the fact that his opinions are part of a paid for CLE programme do leave cause for concern and make one think about their vetting processes for CLE speakers at the INCBA.
To be honest I’ve never taken that close a look at the INCBA CLE programme which is obviously their main cash cow these days.
But I think it is probably time to comb through and take a closer look at the topics and the presenters.
For example with the quickest of cursory glances, within seconds, I notice this CLE presentation.
Anybody with a long enough memory will remember that the first presenter on “Hold Fast – The Rule of Law and the Rules of Professional Conduct”, Jessica McElfresh had a run in with the courts in California back in 2018 on exactly the topic being presented.
Yes the DA did drop the charges as we reported at the time
But it must be noted
The San Diego County district attorney’s office has agreed to drop felony charges against Jessica McElfresh, an attorney who represents marijuana businesses and whose case generated national attention.
McElfresh vowed to plead guilty in 12 months to violating San Diego municipal code, an infraction. An agreement signed Monday stipulates that she cannot violate any laws within that timeframe.
McElfresh declined to comment. Her attorney, Eugene Iredale, did not respond to an interview request.
The agreement also stipulates that McElfresh must pay a $250 fine, go through a state bar ethics program and pass a professional responsibility exam, and complete 80 hours of community service.
At Long Last San Diego DA Drops Charges Against Lawyer Jessica McElfresh
McElfresh is a seasoned cannabis lawyer who has been through the ringer and CLR suggests that both she and the INCBA could have used a little more thought before putting her on this particular CLE Program.
Maybe they thought her experience was exactly why she should be the presenter, CLR would argue that with a paid CLE program that thinking is drawing a fine line
BIV Canada write
B.C.’s Supreme Court has ordered a former cannabis company executive to pay more than $7.4 million after he engaged in a high-stakes financial workaround designed to bypass U.S. securities regulations.
Handed down Feb. 12, the decision from Justice Simon R. Coval found Nicholas Vita was fully liable for a debt he guaranteed through an offshore margin account, despite the man’s claims that the arrangement was an illegal sham.
In 2019, Vita was CEO of two cannabis companies, Columbia Care LLC and Columbia Care Inc., when they closed a major deal with the Canadian financial services firm Canaccord Genuity Corp. to take the company public on the Canadian stock exchange.
Vita and Columbia Care’s executive director and chairman Michael Abbott raised the idea of leveraging their shares in the businesses as collateral for a multimillion-dollar loan.
Known as a “margin account,” such a loan allows the account holder to borrow against the value of the securities it deposits as collateral.
Both sides agreed that as a Canadian company, Canaccord could not open a margin account for Vita personally because he is a U.S. citizen subject to U.S. regulatory laws, according to Coval’s ruling.
“Instead, the margin account was opened in the name of Amaranthus, an Isle of Man company beneficially owned by Mr. Abbott’s family trust,” wrote the judge.
That summer, more than 10.6 million shares from Columbia Care were deposited into the account at a value of about $6.50 a share. Canaccord then paid loans into the account totalling US$11.3 million.
Four months later, Vita asked Canaccord for Amaranthus to borrow another US$2 million.
Read more
More Vita …talking the talk. It’s all about the mighty $
Sean Hocking
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