Calif. Dispensary Says Pot Co. Owes $5M Over Axed Nev. Deal – Law360


Law360 (August 18, 2020, 9:52 PM EDT) — An affiliate of California cannabis dispensary chain Urbn Leaf has sued Delaware-based NuVeda LLC, saying it is owed $5 million after an ownership deal for Nevada cannabis entities fell through when the Silver State halted the sale and transfer of marijuana business licenses.

UL Holdings NV LLC says in a complaint filed Friday that cannabis company NuVeda and its executives agreed in a membership interest purchase agreement, or MIPA, that the deal would automatically expire if they could not secure government approval for a change of ownership with the Nevada cannabis licenses — referred to in the July 2019 agreement as…

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