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Calif. Dispensary Urbn Leaf Sues NuVeda $5M Over Axed Nev. Deal

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…

To Read The Rest Of This Article By Staff on Law360

About the author

Marzena Bonar

Marzena Bonar

Marzena's passion for writing impressed all of us and now she dedicates her time for writing beautiful researched articles related to the hemp industry around the globe.

Marzena gratuated the University of Economics in Katowice.

She can be reached out at: Marzena.Bonar@hempstashnews.com

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