Investor, advocates sue Florida medical marijuana regulator
FloridaMarijuana Industry News June 17, 2022 MJ Shareholders 0
The latest legal dispute comes after the Ontario Superior Court of Justiceapproved a proposed recapitalization transaction for Gotham Green to take control of iAnthus in 2021 after the latter defaulted on a loan. The proposal requires regulatory approvals from U.S. states, many of which have cross-ownership restrictions to tamp down monopolies in the industry.
Florida’s medical marijuana laws prohibit an individual or entity from “directly or indirectly” having an ownership stake of greater than 5 percent in more than one medical marijuana licensee.
“This is such a blatant violation of the regulations, it’s unbelievable,” Weisser said in an interview. “[The regulators] just want to sweep it under the table.”
Weisser has been fighting a decision by Florida’s Office of Medical Marijuana Use (OMMU) to grant a variance to Gotham Green, allowing it to own more than 5 percent of two state-licensed medical marijuana companies: MedMen and iAnthus. [Read More @ Politico.com]
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