A Dozen California Cannabis Companies Just Had Their Labor Peace Agreements Declared Null And Void, Here's Why
Portfolio Pulse from Vuk Zdinjak
The International Brotherhood of Teamsters filed a complaint alleging that the Professional Technical Union, Local 33 (Pro-Tech 33) is not a bona fide labor organization. The California Agricultural Labor Relations Board (ALRB) ruled in favor of the Teamsters, declaring that any labor peace agreements with ProTech 33 are null and void. This could lead to cannabis companies that signed agreements with ProTech 33 losing their licenses. The Teamsters have been active in the cannabis industry, with recent activities involving Justice Cannabis Company, Growpacker, Amuse, and Green Thumb Industries (OTCQX:GTBIF).
July 12, 2023 | 8:31 pm
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Green Thumb Industries, parent company of RISE dispensaries, has faced additional unfair labor practice charges filed by Teamsters Local 777. This follows the longest ULP strike against a cannabis retailer in U.S. history.
The additional unfair labor practice charges filed by the Teamsters against Green Thumb Industries could potentially lead to negative publicity and legal complications for the company. This could negatively impact the company's stock price in the short term.
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