A Stone County circuit judge has ordered the owners of a Mountain View dispensary to move forward with selling the business according to an agreement they reached with prospective buyers in 2020.
The owners of Fiddler’s Green Dispensary signed a contract to sell the business in June 2020 but breached the contract and refused to file appropriate paperwork with the state Medical Marijuana Commission to complete the deal that year, according to an order from Circuit Judge Holly Meyer on Wednesday.
The commission’s approval, which the state requires for all transfers of ownership, was a requirement of the contract. The owners of Fiddler’s Green refused to provide the transfer paperwork to the commission until the purchase price was paid or placed in escrow, the order stated.
The contract required $20,000 in earnest money to be placed into escrow, but did not require the full purchase price to be paid or placed in escrow prior to the transfer of ownership, the judge’s order stated.
The order forces dispensary owner Lisa Murphy to file paperwork with the commission to transfer ownership and grants the plaintiffs “equitable compensation” for lost profits since August 1, 2020.
After gaining the commission’s approval and closing the transaction, the plaintiffs “may seek a hearing on damages to determine the amount of equitable compensation owed to them by defendants for their breach of contract,” the order said.
The sale would include the dispensary and its assets, including its license and real property.
Murphy, of Conway, owns 89% of the dispensary, while Gregory Thomas, of Batesville, owns 11%.
If approved by the Medical Marijuana Commission, the new owners of Fiddler’s Green will be Ryan Hansen and Jonathan Reeves through Greystone Wellness LLC.
Murphy declined to comment for this story.