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PE Firm's Bid To Force Sale of Colo. Cannabis Retailer Tossed

Law360 (October 25, 2019, 7:38 PM EDT) -- A Washington federal court has blocked a cannabis private equity firm's bid to force a co-owner of Colorado's largest marijuana dispensary chain to sell, finding that a letter of intent signed by cannabis mogul Peter Knobel wasn't a legally binding contract.

U.S. District Judge Ricardo S. Martinez tossed Left Coast Ventures Inc.'s suit against Knobel's company Brightstar LLC on Thursday, finding that the agreement he inked with the fund purportedly outlining a future sale of his stake in cannabis retail giant Native Roots was noncommittal and included no binding language.

The letter at the heart of the suit stems from a...

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