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June 29 2023,
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Herbl defaulted to lender in November: Lawsuit
Distributor Herbl, which went into receivership this month, first defaulted on its obligations to East West Bank in November, the lender alleges in a lawsuit filed last week.
East West’s lawsuit provides the bank’s view of Herbl’s struggle to remain solvent at the center of California’s cannabis supply chain. It also names the receiver it has requested to oversee what is believed to be the largest such case in industry history.
According to the complaint, East West provided Herbl with a $15M revolving credit line in March 2022. For collateral, Herbl provided…
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