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Home 🌿 Marijuana Business News 🌿 The World’s First Cannabis Arbitration Institute Wants To Take The Legal Uncertainty Out Of The Pot Business 🌿The World’s First Cannabis Arbitration Institute Wants To Take The Legal Uncertainty Out Of The Pot Business
At the time, the lawsuit must have seemed like an open-and-shut case. In August 2010, Arizona entrepreneurs Mark Haile and Michele Hammer each loaned $250,000 to Today's Health Care II, aka “THC,” a medical marijuana dispensary in Colorado Springs, Colorado. But in March 2011, THC defaulted on its loan, which meant that, according to the contract, the dispensary had to repay the principal loan at a default interest rate of 21 percent. When THC didn’t do so, the two lenders sued the business in Arizona Superior Court in order to enforce their agreement.
That didn’t happen.
That April, Judge Michael McVey threw out the lawsuit. The dismissal wasn’t due to errors in the contract or mistakes made by Haile or Hammer. The problem was the loan was for a marijuana business. In his ruling, which he admitted was “harsh,” McVey noted: “The explicitly stated purpose of these...
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