Richard Lee, founder of Oaksterdam University, has given up ownership of the school and his dispensary after coming under DEA and IRS scrutiny earlier this week.
Lee has stated that he still intends to be a marijuana advocate, but will no longer own or run the school has been dubbed by many as the “Princeton of Pot.” Lee said, “I’ve been doing this for a long time. Over 20 years… I kind of feel like I’ve done my time. It’s time for others to take over.”
In spite of the raid, Oaksterdam is still open. Some of its class offerings have been scaled down. Lee’s collective is also still open for patients, but he intends to pass over ownership of that as well.
It is currently unclear who will take over the university and collectives for Lee.