Alabama Judge Strikes Down Verano's Lawsuit, What Happens Now With Companies Still Fighting State Cannabis Regulator?
Portfolio Pulse from Jelena Martinovic
A lawsuit filed by Verano Holdings Corp. against the Alabama Medical Cannabis Commission (AMCC) has been dismissed by Montgomery County Circuit Court Judge James Anderson. The lawsuit alleged that the AMCC had no right to revoke licenses. Verano had initially secured a license in June, which was later revoked due to 'scoring errors' in the application process. The dismissal of the lawsuit comes ahead of Verano's Class A subordinate voting shares beginning to trade on Canada's Neo Exchange Inc., operating as Cboe Canada, on October 18, 2023. Verano's shares closed 1.4118% higher at $4.31 per share on Friday.
October 16, 2023 | 2:04 pm
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Verano's lawsuit against the Alabama Medical Cannabis Commission was dismissed. This comes ahead of Verano's shares beginning to trade on Canada's Neo Exchange Inc. on October 18, 2023. Verano's shares closed 1.4118% higher at $4.31 per share on Friday.
The dismissal of the lawsuit removes a potential legal hurdle for Verano, which could be seen as a positive development by investors. However, the company's shares are set to begin trading on a new exchange, which could introduce some uncertainty. The stock's price movement following the news was positive, but it's unclear if this trend will continue in the short term.
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IMPORTANCE 75
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