Investor Demands MedMen Execs' Homes Over Troubled Loan
By Jack Queen (April 15, 2020, 5:09 PM EDT) -- An angel investor in MedMen has told a California state court that the struggling cannabis company's co-founders and former executives have refused to hand over the deeds to their homes as collateral on a $10.2 million loan.
Milestone Investments LP said in a complaint Monday that three executives agreed to put up their homes to backstop the loan, which was tendered last December to help MedMen stay afloat as it grappled with unpaid bills and a share price wallowing at more than 90% below its one-time high.
Alaska-based Milestone said it repeatedly asked MedMen's sidelined co-founders, Adam Bierman and Andrew Modlin,...
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