OG Article: here
View our Fair Use Policy: here
A Portland, Oregon-based cannabis company claims it can't retrieve any of the $126,000 it entrusted to a cannabis industry-focused "neobank," accusing the institution of breach of contract and violating the Racketeer Influenced and Corrupt Organizations Act in a lawsuit in federal court. For over a year, Left Coast Financial Solutions has refused to return money Killa Bees Distribution LLC deposited, according to the suit filed Monday. The company, which produces prerolls and other products, has urged the court to impose treble damages, totaling nearly $250,000, against the financial services company related to three bounced checks Killa Bees' owners attempted to cash in November 2022. "Defendants demonstrated a pattern of racketeering activity, soliciting funds from plaintiffs in an ongoing manner over the first 10 months of 2022, while knowing that it would not issue 'withdrawals' to plaintiffs and its other clients and that any such attempted withdrawals would result in bounced checks and unfunded liabilities," the lawsuit said.