Terra Tech, a California-based cannabis operator, agreed to pay $6.three million to settle a lawsuit that alleged the corporate siphoned cash from a Nevada dispensary for its different ventures.
The February settlement, reported Thursday by the Reno Gazette Journal, stemmed from a lawsuit filed final yr by Heidi Loeb Hegerich, a businesswoman who co-owned the Blüm dispensary in Reno.
Hegerich additionally claimed Terra Tech didn’t correctly audit the three way partnership, tried to take away her as dispensary supervisor and filed a false report back to the Securities and Trade Fee.
Terra Tech, which trades on the over-the-counter market underneath the ticker image TRTC, disclosed the settlement in its quarterly SEC submitting however didn’t admit any legal responsibility.
In keeping with the regulatory submitting:
- Terra Tech agreed to buy Hegerich’s 50% curiosity in MediFarm I, which owned the Blüm dispensary, and the constructing housing the dispensary.
- Terra Tech agreed to buy Hegerich’s 15% curiosity in one other entity known as MediFarm II.