In a caller development, Harvest of Ohio has issued a forceful effect to allegations of indebtedness default by Florida-based Trulieve Cannabis Corp TCNNF and its subsidiaries.
What Happened: Harvest of Ohio accused Trulieve Inc., Harvest Health and Recreation (HHR), and associated entities of orchestrating an unlawful endeavor to execute a hostile takeover of their Black and woman-owned aesculapian cannabis concern successful Ohio.
The effect contended that Trulieve Entities, alternatively of delivering connected their promises to enactment Harvest of Ohio, engaged successful predatory practices that hindered the business's operations.
These practices included imposing predatory loans with exorbitant charges, offering bare operational support, underfunding the cultivation facility, and misleading authorities regulators, per a property release.
Harvest of Ohio further alleged that Trulieve Entities exploited a statutory carve-out intended to beforehand equity successful Ohio's cannabis industry, portion simultaneously scheming to displace the predominantly Black and pistillate ownership radical and enforcement team.
Moreover, the effect claims that Trulieve intentionally engaged successful bad-faith negotiations portion securing licenses to vie with Harvest of Ohio successful the Ohio market.
Subsequently, Trulieve abruptly terminated negotiations and initiated a lawsuit.
The lawsuit is present pending successful the Ohio Court of Common Pleas, Franklin County, nether Case No. 23 CV 005001.
- Trulieve CEO Kim Rivers was a keynote talker astatine the Benzinga Cannabis Capital Conference on September 27 successful Chicago.
Price Action: Trulieve's shares traded 0.16% down astatine $ 6.20 per stock astatine the clip of penning precocious Friday afternoon.
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