An affiliate of marijuana dispensary chain Urbn Leaf sued cannabis company NuVeda LLC and its founders in Delaware, seeking the return of $5 million it paid for an ownership stake in a deal that hit snags when Nevada regulators suspended approvals. The lawsuit was filed Aug. 14 by UL Holdings NV LLC. The Chancery Court complaint says, “Cognizant that governmental approval was required for a change of ownership related to cannabis licenses, the parties included” a clause that “specifically protected Urbn Lea from the possibility that approval would not be forthcoming.” Also, the Courts said, “Defendants have refused to honor their obligations.”

Dagga Magazine, 08/17/2020 18:52:50

Open article: