04:52:32 EDT Mon 15 Aug 2022
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Eden Empire Inc
Symbol EDEN
Shares Issued 137,176,920
Close 2022-06-23 C$ 0.005
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Eden Empire sued over Vancouver cannabis store

2022-06-24 19:13 ET - Street Wire

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by Mike Caswell

Eden Empire Inc., a subpenny cannabis store operator listed on the Canadian Securities Exchange, is facing a lawsuit in the Supreme Court of British Columbia over problems with one of its former stores. A retiree claims that he paid $1-million to buy a Vancouver store from Eden on the understanding that the company would manage the location. Eden entirely failed in that regard, he claims.

The allegations are contained in a notice of claim filed at the Vancouver courthouse on June 21, 2022, by Roger Henniger of Richmond. The case centres around a deal that Mr. Henniger claims he entered into on March 31, 2020, in which he purchased a cannabis store on Fraser Street in Vancouver from Eden. The company was to competently manage the business and maximize its revenue, he says.

According to the suit, Eden president Gerry Trapasso told Mr. Henniger that the store, which had not yet opened, would run at a loss for the first couple of months. Thereafter, it would generate a profit, and Mr. Henniger would recover his investment in three to five years. In making the deal, Mr. Trapasso left the impression that Eden owned and operated cannabis stores in North America and that it understood the retail market.

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Say goodbye to your money Sir.....however you still own a building and property or did you just purchase the business?

Posted by Matt at 2022-06-27 14:59