Canopy Didn't Mean To Mislead Investors, Judge Says

Law360 (May 10, 2021, 7:59 PM EDT) -- A New Jersey federal judge has granted major pot company Canopy Growth's bid to escape an investor class action accusing it of misleading them about the strength of the Canadian cannabis market, ruling the investors didn't show that the company intentionally deceived them.

U.S. District Judge Kevin McNulty said in an opinion filed Friday that the investors didn't establish that Canopy had a "particular, non-generic" motive to mislead them, noting among other things that the investors supported their claims through statements from confidential informants who, in one instance, relayed second-hand information.

"In light of the foregoing, I conclude that plaintiffs' allegations...

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