Photo Credit: Adobe Stock; South African Law Firms Ready for Cannabis Work and IPOs
South Africa joins a growing list of African countries changing their cannabis laws, following in the footsteps of European countries including Germany, Malta and Belgium.
July 15, 2024 at 12:38 PM
4 minute read
Initial Public Offerings
When President Cyril Ramaphosa signed legislation legalising cannabis for personal use in May, it sparked interest among those who'd like to commercialise an industry estimated to be worth at least $1.5 billion. The challenge for South Africa's government and legal professionals is how to harness and regulate it.
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Michael G. Bongiorno, Andrew Scott Dulberg and Elizabeth E. Driscoll from Wilmer Cutler Pickering Hale and Dorr have stepped in to represent Symbotic Inc., an A.I.-enabled technology platform that focuses on increasing supply chain efficiency, and other defendants in a pending shareholder derivative lawsuit. The case, filed Oct. 2 in Massachusetts District Court by the Brown Law Firm on behalf of Stephen Austen, accuses certain officers and directors of misleading investors in regard to Symbotic's potential for margin growth by failing to disclose that the company was not equipped to timely deploy its systems or manage expenses through project delays. The case, assigned to U.S. District Judge Nathaniel M. Gorton, is 1:24-cv-12522, Austen v. Cohen et al.
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