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Founding Member Sues Cannabis Co. Over Cash Distributions

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A founding member of Connecticut-based cannabis company Theraplant LLC is suing the company and its managing members, saying they failed to distribute proceeds from the company's 2021 sale.

In a complaint filed to the docket Friday, Marc Adelson said he and managing members Ethan Ruby, Daniel Emmans and JD Dematteo signed onto an operating agreement in 2013, which entitled him to distributions based on his shares even after he resigned in 2014.

The suit alleges Adelson has not received distributions since 2017, and did not receive any proceeds from the November 2021 sale of the company to Greenrose Acquisition Corp.

In addition, Adelson says he received no distribution of assets when the company dissolved this August, despite the operating agreement specifying that remaining assets be distributed to members or their representatives.

According to the complaint, the defendants failed to identify the stock Adelson owned or keep a stock certificate log; they also failed to identify his ownership interests, properly appraise the company or communicate with members.


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