Investors Sue Florida’s Biggest Cannabis Company Claiming Stock Fraud

Trulieve is the largest of Florida’s 22 licensed medical marijuana operators

Florida’s largest medical marijuana company is being sued by investors, who claim the company overstated corporate profits and misled them about the company’s plant-growing practices.

The 20-page securities class-action complaint filed in the Eastern District of New York on Monday comes out of a report by Grizzly Research, which detailed various issues with Quincy-based Trulieve, which trades on the Canadian Securities Exchange. Grizzly Research publishes a blog about publicly traded companies.

The report, published Dec. 17, claims that after researching Trulieve’s manufacturing facilities using drones, it was found that the “vast majority” of the company’s cultivation facilities were “low-quality hoop houses” that were “prone to infestations and weather damage.” The report also points out Trulieve CEO Kim Rivers’ ties to a federal corruption probe in North Florida, and the company’s failure to disclose details to investors.

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