Las Vegas-based marijuana multistate operator Planet 13 says it recovered another $2.1 million in cash plus real estate as part of a dispute with a former banking partner it claims “embezzled money from” its accounts.
Planet 13 said in a news release that it has been attempting to claw back money since last year from El Capitan Advisors, an investment consultant the MSO retained in 2021 “for cash management services.”
ADVERTISEMENT
According to the New Mexico-headquartered Association for Cannabis Banking, El Capital Advisors emerged as a banking alternative for marijuana industry operators shut out from traditional financial institutions because the plant is illegal at the federal level.
Congress has not yet passed banking protections such as the SAFER Banking Act despite years of
Read full article on Marijuana Business Daily
