An early investor in beleaguered MSO MedMen is claiming three executives at the company have refused to hand over the deeds to their homes as collateral on a $10.2M loan.
- Alaska based Milestone Investments claims three executives, co-founders Adam Bierman and Andrew Modlin, and current Chief Strategy Officer Christopher Ganan agreed to put up their homes as collateral on the loan but only Ganan complied.
- The executives couldn’t be reached by MJBiz. A MedMen spokesperson declined to comment and noted the company isn’t party to the suit.
- Several weeks ago, Modlin sold his $3.9M West Hollywood home to a YouTube star. It’s not clear whether that was the home in question.
- Ganjapreneur has more.
In another real estate law suit, Gia Investments is suing Paul King, CEO of Cannafornia, a company in Salinas.
- The suit alleges King “refused to repay a $3M corporate loan by claiming the promissory note outlining the terms is a forgery.”
- It further alleges, “King has grossly mismanaged Cannafornia and New Wave,” the lawsuit states. “He has used the companies as his personal piggybank to the detriment of their shareholders and creditors.”
- The suit names Cannafornia and subsidiary California New Wave, in the suit.
- King did not respond to the Real Deal‘s request for comment.
- Canna Law Blog suggests the next wave of high-profile weed litigation could involve breaches of consumer privacy data. You’ve been warned.