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Marijuana Law – Keyed to Mikos
Hammer v. Today’s Healthy Care II, Co.
Facts
Plaintiffs got a loan agreement with Defendant, Today’s Health Care II (THC) in which Plaintiffs loaned THC $250,000 for “financing a ‘retail medical marijuana sales and growth center.’” Each loan agreement also contained a promissory note (loan documents). The loan documents indicated that THC would repay Plaintiffs at a 12% interest rate. In the event of a default, THC would have five days cure its default and pay Plaintiffs. If THC failed to timely cure the default, THC was required to pay the principal loan amount at an interest rate of 21%, plus attorney’s fees and any cost associated with the enforcement and collection. On March 12, 2011, THC failed to pay Plaintiffs. March 17, 2011, THC defaulted on the loan agreements to Plaintiffs. Plaintiffs sued THC for breach of contract and filed a motion for summary judgment.
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