The chief executive of a Delray Beach hemp company now faces 11 felony counts in Palm Beach County, and an arrest form lists him as held without bond on the most serious charges. Michael Carey Ives, 33, who lists addresses in Briny Breezes and Boynton Beach, is accused of running a nationwide THC distribution network.
The charges include money laundering over $100,000, conspiracy to commit organized fraud over $50,000, and selling a Schedule I controlled substance. The arrest form lists him without bond on the five money laundering and fraud counts. The case is handled by the Palm Beach County Sheriff’s Office and is the same investigation that led to the arrest of Casey Anne Smith, the former chief financial officer of Not Your Bakery LLC and Ives’ former partner. Hassan Mohamed Soueid, 33, and Jonathan Enaldo Zelaya, 31, are also named as co-defendants.
Detectives say the company sold its “Jelly” brand vapes, gummies and dabs as legal hemp, but testing found delta-9 THC above 1 percent, more than three times the legal limit. The affidavit says the business took in about $16.9 million in net deposits in 2024 and $21 million in 2025, while reporting roughly $2.6 million and $3.3 million in sales to the state.
After JPMorgan Chase closed the company’s accounts in November 2025, investigators say Ives moved $460,000 into a Vanguard account and urged others to move company money as well. The affidavit also says Ives withdrew the company’s 32.5 percent stake in Not Your Bakery in June 2026. Investigators are seeking forfeiture of several assets, including a home on Glenn Pine Lane that he co-owns with Smith.
All charges are allegations, and the defendants are presumed innocent unless proven guilty in court.
