Left Coast Financial Solutions Collapsed Owing Money To 64 Companies, Former CEO Only Wants As Many Paid Back As Possible | Cannabis Law Report | Where to order Skittles Moonrock online

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The former head of a failed cannabis payment processor claims dozens of businesses are owed money and is urging a federal court not to release remaining funds to just one company seeking repayment.

Dominique Villela, who briefly led Left Coast Financial Solutions as interim CEO, said in court documents obtained by Law360 last week that about 64 cannabis companies never recovered deposits after the platform’s collapse. The filing opposes CBD company Killa Beez Distribution‘s bid to recover $127,000.

“The equitable distribution of these funds, overseen by a court-appointed receiver, is necessary to ensure fairness to all claimants,” Villela wrote in the filing.

The payment platform firm marketed itself as an online “neobank” service for cannabis companies but operated under a money transmitter license rather than a bank charter. Its primary accounts were held at City Trust Bank in the Commonwealth of the Northern Mariana Islands, where former executives Daniel Herrington and Casey Nye-Herrington remained principal account holders.

Read the full report

https://www.greenmarketreport.com/left-coast-ex-ceo-wants-court-receiver-to-work-out-frozen-funds/