俄勒冈州裸盖菇素许可制度将在一个月后正式启动。随着第109号法案的通过，历时两年的筹备工作终于进入最后冲刺阶段。目前，许多人正着手创办裸盖菇素相关企业，并为这些新兴事业筹集资金。
What's old is new again
在俄勒冈州大麻产业的早期阶段，我们经历了类似的商业架构与资本化周期。随后，我们又在工业大麻领域重蹈覆辙。每个项目启动时，典型的运作模式大致如下：几位创始人带着有限的资金、传统市场的信誉（或许还有信用卡债务），与一位手握几十万美元的投资者联手。这支团队随后会组建有限责任公司或股份有限公司，在某人的地产上获取经营许可。
In psilocybin, we've been forming small LLCs and corporations all over again. One commonality among most of these transactions, large and small, is something called “securities.” Simply defined, a security is a negotiable financial instrument (company stock, certain debt instruments, investment contracts, etc.) offered or sold to an investor who lacks real authority to manage the investment.
是的，您正在销售证券。
Many psilocybin companies are trading in securities, even if unaware of this fact. And many of the corner-cutting companies will skate by. But given the liability exposure here -- including lawyer liability for bad deals -- it’s crucial to get the securities issuance right.
联邦和州证券法极其复杂，但即使是向单人提供或销售证券的小型企业（包括裸盖菇素相关企业）也需遵守。联邦法律要求发行人必须满足以下任一条件：1）向美国证券交易委员会（SEC）注册发行与销售（即"公开发行"）；或2）在注册豁免范围内进行发行与销售。 值得庆幸的是，现行豁免条款相当丰富，但必须精准匹配适用条件。即便无需注册，在进行任何招揽活动时，若不向认购方和投资者充分披露信息，也绝非明智之举。
最后，除联邦证券法外，俄勒冈州的裸盖菇素企业发行证券时，还必须遵守俄勒冈州的蓝天法以及购买者所在各州的蓝天法。因此，我们许多裸盖菇素公司客户最终需要向其他州缴纳注册费。这些费用可能迅速累积，某些情况下甚至得不偿失。
综上所述，以下是俄勒冈州适用于裸盖菇素企业的微量供应豁免条款，只要操作得当，这些业务无需注册即可开展。
1. 面向合格投资者的销售
“合格投资者”是指根据金融监管法规享有特殊地位的投资者，通常因其高净值身份而获得该资格。根据俄勒冈州法规59.035(5)条，只要交易过程中不涉及公开广告或普遍招揽，初创企业与合格投资者之间的交易可豁免注册登记。此豁免条款具有自动生效效力，即无需向州政府提交文件即可享受豁免待遇。
2. “12个月内10次”豁免
俄勒冈州法规ORS 59.035(12)规定，在连续12个月内导致俄勒冈州境内购买者不超过10人的交易可豁免注册要求。需注意的是，合格投资者在此不计入"购买者"范畴。 同一购买者在12个月内进行的重复交易亦不增加购买者数量（即每位购买者在12个月周期内仅计为一名购买者）。适用此豁免时，不得支付佣金或其他报酬，且不得进行公开广告或普遍招揽。
3. 联邦规则506（D类条例）发售
If you’ve made it this far, I won't treat you to an outline of SEC Rule 506; instead, there is a good overview of kosher offerings here. Suffice it to say that in Oregon, for any Rule 506 offering, ORS 59.049(3) provides that the local start-up must, within 15 days after the first sale in the state, file a completed Form D (including the state signature page) with the Oregon Securities Division. There is also a $250 filing fee requirement.
最终结果
The bottom line is that most new Oregon psilocybin businesses raising money are subject to securities laws. That is true even if the business intends to break federal laws by trading in a controlled substance, and even if the business is taking on investment (equity, loan, whatever) from just one person. With a new wave of psilocybin businesses coming online, it’s important to get it right. The alternative may be getting sued for securities violations -- or even controlled substances investment fraud -- and that's no fun at all.
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有关此主题的更多内容，请参阅《俄勒冈州裸盖菇素产业问题（二）：银行服务、融资与选址》。
