Canopy Growth, the first publicly traded cannabis company in North America, and its top officers were hit with a securities class action Wednesday in California Central District Court. The suit, brought by Pomerantz LLP, claims that the defendants made material misrepresentations to investors regarding the profitability of its subsidiary, sports nutrition brand BioSteel. The complaint contends that Canopy Growth overstated the revenue of BioSteel, resulting in artificially inflated share prices. Counsel have not yet appeared for the defendants. The case is 2:23-cv-04905, Kantner v. Canopy Growth Corporation et al.
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