Court Orders Temporary Block On NY Cannabis Regulations As Legal Battle Over Weed Advertising Heats Up
Portfolio Pulse from Jelena Martinovic
Leafly Holdings, Inc. (NASDAQ:LFLY) has filed a lawsuit against New York's Office of Cannabis Management (OCM) over third-party advertising and marketing services. The New York Attorney General's Office has agreed to a stay, blocking the enforcement of the challenged regulations against Leafly and fully operational licensed cannabis dispensaries in New York. This allows Leafly to continue offering paid advertising services and transmit orders to licensed cannabis retailers.
September 23, 2023 | 1:27 am
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POSITIVE IMPACT
Leafly's lawsuit and the subsequent stay on enforcement of the challenged regulations could potentially boost the company's business in New York by allowing it to continue offering paid advertising services and transmit orders to licensed cannabis retailers.
The stay on enforcement of the challenged regulations allows Leafly to continue offering its services in New York, which could potentially increase its revenues and positively impact its stock price.
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