Marijuana Business Daily

Investor in cannabis firm Tilray suing former and current boards, ex-CEO

Published

2 years ago

March 8, 2023

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Tilray Brands is being sued by an investor who alleges the company’s former leadership led investors astray.

The shareholder specifically alleges that ex-CEO Brendan Kennedy and other former Tilray board members misled investors and that the current board failed to take appropriate action in response.

The shareholder’s derivative complaint against the Canada-based cannabis, alcohol and pharmaceutical distribution company was filed March 1 in the U.S. District Court for the Southern District of New York.

The plaintiff – Michael Hudson, a Tilray shareholder since 2018 – seeks a trial by jury.

Tilray did not immediately respond to an MJBizDaily request for comment.

According to the statement of claim, Tilray’s gross margin declined from 55% in the first quarter of 2018 to 31% in the third quarter.

To mollify shareholders, “the former directors deceived stockholders by both overstating inventory and understating labor costs (both inputs to cost of

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Oregon voters approve pro-labor change to state cannabis law

Published

21 hours ago

November 8, 2024

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Voters in Oregon appear to have approved an organized labor-friendly change to state cannabis law that’s had mixed results in other states.

With more than 80% of ballots counted, 55.7% of state voters cast yes ballots on Measure 119, which will require cannabis operators in the state to submit a “labor peace agreement” to regulators before receiving or renewing business permit, Oregon Public Broadcasting reported.

The voter initiative’s main sponsor was the United Food and Commercial Workers (UFCW) Local 555, which spent more than $2.8 million on the campaign after a failed attempt to impose a labor peace agreement (LPA) requirement through the state Legislature.

Several other states, most notably California, require cannabis businesses to have an LPA as part of licensing

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Republican lawmakers will get chance to prove whether GOP is good for cannabis

Published

3 days ago

November 7, 2024

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Is Republican control of the U.S. government better for marijuana reform than a Democrat-led administration, and have statewide adult-use cannabis legalization efforts simply maxed out?

After the GOP’s decisive nationwide victory on Tuesday sent former President Donald Trump back to the White House – and delivered control of the Senate to Republicans – the $32 billion U.S. legal marijuana industry is about to find out.

Three decisive defeats for adult-use legalization on Election Day mean reform efforts are likely to shift away from individual states and toward Washington, D.C., where Democratic lawmakers have traditionally been more consistent backers of marijuana bills.

There, advocates will have to present a newly united front if they hope to win over conservative lawmakers.

“This is not the

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Trial over Nebraska’s medical marijuana ballot initiative might be extended

Published

1 week ago

November 1, 2024

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An 11th-hour legal challenge to Nebraska’s medical marijuana ballot initiative could extend to Monday, the eve of Election Day.

Witness testimony in the civil trial in Lancaster County began Wednesday and resumed at 8 a.m. CT on Friday, according to the Nebraska Examiner.

The trial was scheduled for three days.

The lawsuit against the Nebraskans for Medical Marijuana campaign, filed by an anti-cannabis former state senator and supported by top Republican officials, aims to confirm whether nearly 50,000 of the 115,000 signatures submitted from registered voters that were certified by the secretary of state are valid.

The questions over the contested ballots pertain to both of the state’s medical marijuana ballot initiatives.

Regardless of

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