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Connor Pennington, 39, pleaded guilty this week to conspiracy to commit money laundering while he was the CEO of a marijuana delivery service in the region.
Authorities say that Pennington was the CEO of JointVentures LLC, which operated under the name “Joint Delivery,” a delivery service of pot products, including THC vape cartridges, wax, and edibles, though it was never licensed as a dispensary in DC or any other state.
According to prosecutors, JointVentures operated out of a residential building in downtown DC, delivering products to customers using delivery drivers or cyclists.
In 2018, the business generated nearly $1.5 million, and by 2021, the operation had grown and generated “well over” $2.3 million in its first three quarters.
As CEO, Pennington oversaw and approved a scheme by which he and other representatives of the company deposited cash in denominations less than $10,000 into several bank accounts the company operated, thus allowing JointVentures to avoid scrutiny from the banks and to disguise the source of the cash.
Pennington is scheduled to be sentenced in May when he will face up to 20 years in prison.
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