Verano Shares Down After Suing DOJ Over Marijuana Prohibition
By Dean Seal
Shares of Verano Holdings declined after the company and others sued Attorney General Merrick Garland to strike down federal marijuana restrictions.
The stock was down 7% at $3.27 in midday trading. Shares are still up 6% year-to-date.
Verano and two private cannabis companies, along with Treevit CEO Gyasi Sellers, filed the suit in Massachusetts federal court on Thursday.
The complaint alleges that federal criminalization of cannabis in 38 states where it is regulated and legal is unconstitutional and unfair to small business.
The Massachusetts cannabis companies have called on lawyer David Boies to lead the suit. Boies told The Wall Street Journal on Thursday that he plans on challenging a Supreme Court decision that permits federal criminalization of marijuana despite a California law authorizing medical use.
Shares of other major U.S. cannabis companies, including Curaleaf and Green Thumb Industries, saw smaller declines on Friday. The AdvisorShares Pure U.S. Cannabis ETF was down 3.5% at $5.43.
Write to Dean Seal at dean.seal@wsj.com
(END) Dow Jones Newswires
October 27, 2023 13:19 ET (17:19 GMT)
Copyright (c) 2023 Dow Jones & Company, Inc.-
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