Planet 13 Holdings has recovered $3.4 million from its case against an investment firm that the marijuana multistate operator alleges “embezzled money from the company’s accounts,” co-CEO Robert Groesbeck told investors.
The Nevada-based MSO announced in January it believed “$22 million of the company’s funds … (were) misappropriated“ by El Capitan Advisors, and Groesbeck shared the recovery of some of the money during a fourth-quarter 2023 and full-year earnings call Wednesday.
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“Today we recovered $3.4 million of that and expect to recover an additional $2 million in short order,” Groesbeck said, adding that a special-purpose receiver is working to collect the remaining $16.5 million as well as damages.
Chief Financial Officer Dennis Logan explained that Planet 13 “had a bank that wouldn’t or
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