Pot Co. Moxie Sues Billionaire Family For Merger Meltdown
By Jeff Montgomery (March 10, 2022, 4:46 PM EST) -- California-based, multi-state cannabis company Moxie has sued the Ohio billionaire investors and backers of insolvent pot company Green Growth Brands Inc. in Delaware's Chancery Court, alleging fraud, breach of fiduciary duty and related counts arising from GGB's collapsed, $310 million deal for MXY in 2019.
The suit, filed Wednesday by MXY Holdings LLC, accuses Joseph Schottenstein and his parents, Jay and Jean Schottenstein, and others of misrepresenting their commitments and intent to support Moxie in a July 2019 merger agreement, while later depleting insolvent assets that should have been preserved for creditors.
The Schottensteins, with son and GGB founder Joseph in...
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