A Colorado financier is suing a dispensary in East Boston, Mass., alleging they failed to make payments on a $600,000 loan.
The complaint, which was filed Jan. 2 in Denver County District Court in Colorado by PMW LLC, alleges that Cannabis Healing LLC and four individuals as defendants still owe about $455,000, including about $20,000 in interest. The four include Wanda Pettigrew Jones and Brian Jones, who are listed as the CEO and owner of Cannabis Healing, respectively, in the CRB Monitor licensing database. Both are residents of Massachusetts.
The lawsuit also names Franklin, Tenn., residents Latita and Bryan Fisher as defendants. Healing Cannabis’ license application lists Latita Fisher as a 7% owner and retired Nashville urologist Sriram Dasari as a 3% owner. But Dasari is not named in the lawsuit and it is not clear if he still retains that stake.
The defendants all signed the loan agreement with the plaintiff, according to the complaint. Brian Fisher did not respond to a request for comment from CRB Monitor News.
PMW is based in Denver, Colo. The company is associated with Suite 420 Solutions, in that they both share the same owner, Dennis O’Carroll, and operate out of the same address.
Suite 420 Solutions offers consulting and lending services to cannabis operators.
Collections lawsuits also grow in other states
Collections lawsuits have become more common within the legal cannabis industry. As state markets mature, operators often start to feel the crunch of lower prices and oversupply. In the case of Massachusetts, prices hovered around $14 per gram in the early part of the state’s adult-use market, until about July 2021 when prices began a steady decline to $6.09 per gram by February 2023, according to state sales data.
Flower was down to $5.05 per gram when Cannabis Healing signed its loan agreement with PMW. By December 2025, prices were down to $4.01 per gram.
Operators in other states have also increasingly found themselves resorting to collections lawsuits.
Trulieve Inc. sued Harvest of Ohio for allegedly failing to repay a $23.8 loan. The companies ultimately settled in May 2024, with Trulieve acquiring two of the smaller operator’s retail dispensaries on the eve of adult-use launching in Ohio.
Altmore Capital sued Schwazze, after it defaulted on its loan from Altmore in March 2025. Altmore Capital claimed Schwazze was insolvent with almost $200 million in debt.
Since that lawsuit was filed, Schwazze was able to announce that it reached an agreement to restructure some of its debt with a subsidiary of Vireo Health of Minnesota, which holds a 13% senior secured note due Dec. 7, 2026. As part of the deal, Schwazze will sell some of its assets to a new company that will be majority owned by Vireo Health.
Blue Fox Brands sued Pure Oasis, the first adult-use dispensary in Boston, Mass., in December 2025, for unpaid invoices that allegedly totaled about $63,000.
Estimated $6B in debt expected to mature in 2026
Aside from claims between individual operators, there is also an ongoing debt crisis within legal cannabis.
While cannabis remains federally illegal as a Schedule I drug, cannabis companies are unable to go to bankruptcy court. Fewer legal protections make it harder to defend against collections suits.
Many cannabis companies have taken on a large amount of debt over the last few years, in the hopes that it would last until rescheduling. The industry is still waiting, but the debt clock continues to run out.
Cannabis law firm Blank Rome estimated the U.S. cannabis market has about $6 billion in debt set to mature by the end of 2026. Most of this is held by major multi-state operators who might have better leverage to refinance, according to Blank Rome, which did not name names.
