Investors Say Canadian Hemp Co.'s Lies Caused Stock Drop
By Sarah Jarvis (May 8, 2020, 8:28 PM EDT) -- A group of private investment firms has filed suit against Sundial Growers Inc. and several of its directors, alleging they lost millions of dollars after the Canadian company misrepresented that it would be able to quickly export hemp and CBD to European countries.
Sundial indicated it was "on the precipice" of closing a transaction with Bridge Farm, a U.K.-based agricultural company, that would enable Sundial to "almost immediately" export hemp and CBD to the European Union. But Bridge Farm did not have the necessary licenses to commercially cultivate and export hemp to the EU, according to the Thursday complaint.
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