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.
“Cognizant that governmental approval was required for a change of ownership related to cannabis licenses, the parties included” a clause that “specifically protected” Urbn Leaf “from the possibility that approval would not be forthcoming,” the Chancery Court complaint says. “Defendants have refused to honor their obligations.”
The lawsuit was filed Aug. 14 by UL Holdings NV LLC, a San ...
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