Cannabis Investor Must Arbitrate Equity Fight Over $1.35B IPO
By Jack Queen (October 9, 2019, 6:48 PM EDT) -- An early investor in a cannabis company who accused its founders of an elaborate bait-and-switch to dilute his equity by nearly $150 million before taking the company public must make his case in arbitration, a New York state court has ruled.
The order on Friday removes the tangled case over ownership stakes in Columbia Care Inc. from civil litigation after nearly a year of testy proceedings involving multiple holding companies, investment vehicles and a failed bid to block an IPO valuing the Toronto-based medical marijuana company at $1.35 billion.
New York plastic surgeon Stafford Broumand claimed Columbia Care founders Michael Abbott...
Stay ahead of the curve
In the legal profession, information is the key to success. You have to know what’s happening with clients, competitors, practice areas, and industries. Law360 provides the intelligence you need to remain an expert and beat the competition.
Access to case data within articles (numbers, filings, courts, nature of suit, and more.)
Access to attached documents such as briefs, petitions, complaints, decisions, motions, etc.
Create custom alerts for specific article and case topics and so much more!