CREDITOR SEEKS MEDMEN EXECS’ HOMES

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.
Law360

• 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.
  L.A.Times
• 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.

Quick Hit

1. Canna Law Blog suggests the next wave of high-profile weed litigation could involve breaches of consumer privacy data. You’ve been warned.