Canopy Growth Corp (WEED)

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NY court rules $600 million lawsuit against Acreage Holdings can proceed

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The lawsuit against Acreage – one of New York’s 10 registered medical cannabis operators – and nearly 30 other defendants alleges the company participated in a scheme to illegally squeeze a partner out of a medical marijuana license.

Judge Andrea Masley began hearing arguments in January on whether plaintiffs David Feder and EPMMNY, LLC, have authority to sue Acreage and other defendants. Today’s ruling means Acreage and others named in the suit could be on the hook for hundreds of millions of dollars.


“It’s a pretrial evidentiary hearing on whether Mr. Feder had the capacity to go with the case, and the judge ruled that he absolutely did,” said attorney Lawrence Lonergan who is representing plaintiff David Feder. “We’re very pleased the court saw things our way.”

The case could also complicate a plan for Canopy Growth of Ontario, Canada, to acquire Acreage – a deal valued around $843 million, according to The Motley Fool, which covers the financial industry. Canopy is also named as a defendant in the suit.

https://www.syracuse.com/marijuana/2022/04/ny-court-rules-600-million-lawsuit-against-acreage-holdings-can-proceed.html?utm_medium=social&utm_source=facebook&utm_campaign=syracusedotcom_sf&fbclid=IwAR28ADvkG3jf8YayBmAxX5H_Zi4Zw7NAdmVPHCy-c1FkIRahJuaWYl8Sttg