Steven Schain of Hoban Law Group.Cannabis Took a Hit on Red Wednesday, but Hope Is On the Way
Reflecting multiple states rejection of marijuana legalization efforts and ushering in an administration seemingly hostile to cannabis, Red Wednesday revealed how uncertain regulatory policy, coupled with Herculean operational challenges, stripped the bloom off of the rose and unveiled the volatility of cannabis’ valuation.
December 23, 2024 at 12:29 PM
9 minute read
Despite generating $33.6 billion of revenue and 440,445 jobs domestically in 2023, Cannabis stocks dropped up to 54.9% on Wednesday, Nov. 6, 2024.
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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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