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Cannabis & Psychiatric Symptoms: Critical Review of a Meta-Analysis

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Recently a meta-analysis published in Lancet Psychiatry linked cannabis to psychiatric symptoms. While this has not been the first study to make such suggestions, here we discuss the implications of the work and gaps in this analysis.

With approximately 188 million people using cannabinoids on a global scale (based on 2017 statistics), the issue of possible psychiatric symptoms is of paramount importance and clarity is of the essence.

It is important that the risks and benefits of cannabis use are spelt out clearly without causing significant alarm. This includes the risk of inducing acute psychiatric symptoms as well as other possible detrimental effects.

The main psychoactive compound in cannabis– tetrahydrocannabinol, or THC–has long been associated with acute psychiatric symptoms or temporal psychosis. However, there is also a chicken-and-egg phenomenon related to cannabis use and the development of schizophrenia: does cannabis cause schizophrenia or do people self medicate with cannabis before receiving a diagnosis?

While we still don’t know this answer for sure, as single studies cannot provide definite conclusions, this recent meta-analysis of multiple studies, has provided some insights.

Cannabis and Psychiatric Symptoms

A meta-analysis evaluated the effect of THC alone as well as in combination with cannabidiol (CBD) on psychiatric symptoms in healthy people by reviewing several studies on the topic. A placebo (inactive substance) group was included for comparison.[1] The researchers used the search engines MEDLINE, Embase, and PsycINFO to find data on this topic, and included studies published in English from May 21, 2019.

The psychiatric scales used were the Brief Psychiatric Rating Scale (BPRS) and the Positive and Negative Syndrome Scale (PANSS), standard measures used in psychiatric research, to determine symptoms after acute administration of intravenous, oral, or nasal THC, CBD, or placebo in healthy participants. Positive psychiatric signs include delusions and hallucinations, while negative signs include blunted affect and amotivation. Fifteen studies were included.

The results showed that, compared to placebo, a single administration of THC significantly increased the severity of both positive and negative symptoms. CBD on the other hand did not significantly cause these symptoms nor reduce THC-induced symptoms. The researchers concluded that THC poses potential psychiatric risks when consumed by healthy individuals.[1]

Study Limitations & A Rebuff

This is not the first time that THC has been associated with acute psychotic symptoms, such as paranoia and hallucinations. However, this meta-analysis had some shortcomings.

As noted in the discussion, the low number of studies included prevented proper statistical analysis as they were underpowered (low sample size). Also, the researchers combined summary scores across studies, which prevented them from analyzing individual symptoms.[1]

Additionally, important variables were not taken into consideration which this could potentially introduce bias in the results. These includes differences in dosing, biological sex, age, previous cannabis use, tobacco use, and cannabinoid/terpene profile, among others.

While there are different strengths and weaknesses of meta-analyses vs. individual studies, it’s important to keep in mind that this topic is very important and requires further study to understand who might be at higher risk of experiencing these possible effects.

Cannabis users should always consider the benefits and potential risks of treatment–any treatment–and carefully decide in collaboration with a physician what is best for them, as even medications that are available by prescription carry safety risks.

Image Credit: Gerd Altmann

Image Source: https://pixabay.com/users/geralt-9301/

References

  1. Guy H, et al. Psychiatric symptoms caused by cannabis constituents: A systematic review and meta-analysis. Lancet Psychiatry. 2020;7(4):344-353.
  2. Schoeler T & Bhattacharyya S. (2013). The effect of cannabis use on memory function: An update. Substance Abuse and Rehabilitation. 2013;4:11-27.

Rhode Island Lawmakers Consider Cannabis Legalization to Combat State’s Budget Deficit

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An audit of the Utah Department of Agriculture and Food (UDAF) under the leadership of former commissioner Kerry Gibson has found issues with the state’s medical cannabis cultivation licensing process, according to The Salt Lake Tribune.

The audit offers numerous recommendations, the news outlet reported, including that the UDAF reassess the eight cannabis cultivation licenses that were issued last year.

According to the audit, Gibson appointed six individuals to serve on an evaluation committee charged with choosing the eight licensed growers, and a statistical analysis of the scoring of the applications found that the numbers for two of the panelists were “highly correlated,” The Salt Lake Tribune reported.

The audit found that the two committee members in question—Natalie Callahan, Gibson’s former director of operations and agriculture programs, and Kelly Pehrson, Gibson’s deputy—ranked the same seven applicants in a similar order, according to the news outlet.

The audit also discovered that there were “significant adjustments” to the initial scores given by the other panelists, which brought the scores in closer alignment with those given by Callahan and Pehrson, The Salt Lake Tribune reported.

Three of the companies that ultimately won cultivation licenses would not have received the licenses if it weren’t for the scoring changes, according to the news outlet.

The audit suggests that the UDAF establish written policies and procedures for Utah’s medical cannabis program and redo the licensing process altogether, which current UDAF Commissioner Logan Wilde said could create “a major setback for the state’s fledgling medical marijuana program,” The Salt Lake Tribune reported.

The UDAF is now asking the Utah Attorney General’s Office and other state agencies for advice on how to proceed, according to the news outlet, and has asked a third party within the state’s government to examine the cannabis cultivator licensing process.

Simple Goods – CBD Health and Wellness

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Who they are: Simple Goods offers a “balanced experience of cannabinoids, starting from the energetic morning all the way to a restful night’s sleep,” says one of their emails. The masterminds behind the new company include Woody Mooers, renowned industry innovator and CEO of Nectris Labs.

Based in Daytona Beach, FL, Nectris Labs shines as a seed-to-sale vertical integrator with the “highest possible quality control standards.” For starters, they are Good Manufacturing Practice (GMP) compliant and grow US Department of Agriculture (USDA)-certified organic hemp.

Nectris Labs boasts testing for “potency, pesticides, heavy metals, and more.” That said, at the time of writing, Simple Goods only offers cannabinoid potency reports. The functionality of the QR scanning feature also has some issues. But hey, Simple Goods is the new kid on the block. Hiccups are normal.

Other industry players behind the project include Loudpack—a pioneering cultivator, manufacturer, and distributor in California. The footprint is real.

Why they’re unique: Simple Goods makes CBD simple. Really simple. The lifestyle brand fuses organic ingredients and powerful bonus supplements to target daily needs—from a morning caffeine boost to evening insomnia relief.

What products they have: Currently, Simple Goods offers a lineup of five flagship routine lifestyle products:

  • Morning Energy Oil
  • Daytime Balance Oil
  • Daytime Balance Gummies
  • Night Time Rest Oil
  • Night Time Rest Gummies

Hustle and bustle got you down? The Morning Energy Oil features a lemon flavor and green tea extract for a boost of natural caffeine. It’s a nice serving of CBD in coconut oil. The Daytime Balance Oil nixes the caffeine for a more traditional broad-spectrum tincture with peppermint flavor. Insomniacs, take note: Night Time Rest Oil sprinkles cannabinol, or CBN, into the mix. If that doesn’t make the eyelids heavy, the organic chamomile and lavender just may.

The vegan gummies (you read that right—no gelatin!) pack some other special ingredients. Daytime Balance Gummies come in scrumptious watermelon flavor with Vitamin B12 to “energize and calm.” Night Time Rest Gummies come in blueberry and add ever-popular melatonin to help induce slumber.

Be prepared for more products to come in the future.

Bonus: With products that cover a whole day’s and night’s work, why not subscribe? The discount is a whopping 20%!

Liberty Health Sciences Reaches Agreement to Settle Class Action Suit

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Liberty Health Sciences, a vertically integrated medical marijuana company with operations in Florida, announced in a Nov. 19 press release that it has reached an agreement to settle a class-action suit. The “memorandum of understanding [is] regarding settlement of the securities class action that was commenced against it in the United States in 2019,” the release states.

The settlement figure is $1.8 million US, according to the release, which states: “The settlement is made without any admission or finding of liability and is subject to court approval. There is no assurance that the settlement agreement will receive court approval.”

An attorney representing Liberty wrote in a letter to the judge, overseeing the case in the U.S. District Court for New York’s Southern District, that “Plaintiffs anticipate filing a motion for preliminary settlement approval by January 8, 2021.”

RELATED: How to Raise Capital Without Running Afoul of the SEC

Investors alleged in their January 2019 complaint that Liberty violated securities law. They claimed that Liberty, headquartered in Toronto, Ontario, Canada, “has had longstanding ties” with Aphria, another Canadian cannabis company. Of the “Class Period” between June 28, 2018, and Dec. 3, 2018, the complaint states:

“Throughout the Class Period, Defendants made materially false and misleading statements regarding the Company’s business, operational and compliance policies. Specifically, Defendants made false and/or misleading statements and/or failed to disclose that: (i) Liberty, in conjunction with Aphria, was involved in a scheme whereby numerous fraudulent acquisitions and transactions were made to provide undue benefits to both companies’ insiders; and (ii) as a result, Liberty’s public statements were materially false and misleading at all relevant times.”

Aphria announced that it sold off its Liberty stake in September 2018, according to the complaint. Then, Quintessential Capital Management and Hindenburg Research published the report “Aphria: A Shell Game with a Cannabis Business on the Side,” alleging a scheme by Aphria to acquire shell companies and sell them off at, as the legal complaint states, “artificially inflated prices.”

“On this news, Liberty’s stock fell $0.36, or nearly 34%, over the next two trading days to close at $0.70 on December 4, 2018,” the complaint stated.

Numerous investors joined the suit against Liberty, according to the complaint. “The members of the Class are so numerous that joinder of all members is impracticable,” it reads.

Proceeding court filings, including amended complaints from Liberty’s attorneys, continued to set forth these allegations and highlight the large numbers of people who allegedly lost money in 2018 because of this “scheme.”

Liberty has dispensary and delivery operations across Florida and also cultivates and processes cannabis, according to its website and the legal complaint. Liberty plans to expand its manufacturing and processing facility, located on a 387-acre parcel of land in Florida, to 490,000 square feet of cultivation space, according to a press release.

Wild By Nature – CBD Health and Wellness

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Who they are: Wild By Nature bottles up the California lifestyle to deliver “rediscovery, personal growth, and the pursuit of wholeness.” Recently partnered with AVAIL Vapor, their products retail across 98 locations in 12 states.

Wild By Nature’s logo is a honey bee, symbolizing harmony and balance in the natural world. And it’s not just for looks. They are a Pollinator Partner, supporting our honey bee friends where it counts. That’s what we call warm and fuzzy…and buzzy.

The company is relatively new with a site that could better organized. Even so, Wild By Nature emphasizes natural ingredients, quality standards, and the “sensory experience.” Third-party lab tests are made available by batch number; reports include pesticides, heavy metals, solvents, and more. Print outs of the tests come with each purchase for convenience.

Why they’re unique: Wild By Nature sends CBD into mass retail without sacrificing quality standards. The company’s mascot—the honey bee—lets consumers know their purchase is making a difference. Plus, lab reports and fact sheets help guide the new-”bees” among us.

What products they have:  An array of tinctures, single-serve shots, vape pods, and sleek vaporizers to pair with the pods.

Sleek, you say? Indeed—these are not your typical vape devices. The team engineered zinc alloy bodies and surgical steel heating elements for temperatures maintained around 180º C (356º F). Charging “faster than you can finish a yoga class,” vaping is as easy as plugging in a (Wild) pod. Plus, these are small enough for pockets and purses. Discreet, much? Check.

Six flavor options cover the tinctures, shots, and pods. Let’s break it down:

  • Balance: passionfruit & lime
  • Inspire: wild lime & lemon
  • Serene: lavender, rose, & hibiscus
  • Escape: mango & pineapple
  • Chill: mint, menthol, & spearmint
  • Fresh: apple & mint

Tinctures seat either 1,000 mg or 3,000 mg CBD isolate in coconut oil. Six-pack shots with 100 mg each are on tap for travel and convenience. The vape pods are essentially the same but without any oil carriers (no vitamin E acetate). Wild By Nature makes life simple with two starter kits: Venture into Vape and Begin with Balance.

The explicitly Millennial marketing based on their brochures may be fun or irksome. This comes down to the individual. Chill, for example, aims at listeners of Foster the People whose passion centers on “saving the planet one reusable bag at a time.”

Madelaine left this review for the Chill tincture: “I am so thankful for this CBD oil. Being a teacher during these crazy times is super stressful, and this has seriously changed the game for me.”

Bonus: Check out the 1-, 2-, and 4-week subscriptions for 15% savings available for some products. Oh, and keep a look out—CBD lip balm coming soon!

Virginia Governor Plans Adult-Use Legalization Bill, Cannabis Legislation Clears Mexico Senate: Week in Review

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Liberty Health Sciences, a vertically integrated medical marijuana company with operations in Florida, announced in a Nov. 19 press release that it has reached an agreement to settle a class-action suit. The “memorandum of understanding [is] regarding settlement of the securities class action that was commenced against it in the United States in 2019,” the release states.

The settlement figure is $1.8 million US, according to the release, which states: “The settlement is made without any admission or finding of liability and is subject to court approval. There is no assurance that the settlement agreement will receive court approval.”

An attorney representing Liberty wrote in a letter to the judge, overseeing the case in the U.S. District Court for New York’s Southern District, that “Plaintiffs anticipate filing a motion for preliminary settlement approval by January 8, 2021.”

RELATED: How to Raise Capital Without Running Afoul of the SEC

Investors alleged in their January 2019 complaint that Liberty violated securities law. They claimed that Liberty, headquartered in Toronto, Ontario, Canada, “has had longstanding ties” with Aphria, another Canadian cannabis company. Of the “Class Period” between June 28, 2018, and Dec. 3, 2018, the complaint states:

“Throughout the Class Period, Defendants made materially false and misleading statements regarding the Company’s business, operational and compliance policies. Specifically, Defendants made false and/or misleading statements and/or failed to disclose that: (i) Liberty, in conjunction with Aphria, was involved in a scheme whereby numerous fraudulent acquisitions and transactions were made to provide undue benefits to both companies’ insiders; and (ii) as a result, Liberty’s public statements were materially false and misleading at all relevant times.”

Aphria announced that it sold off its Liberty stake in September 2018, according to the complaint. Then, Quintessential Capital Management and Hindenburg Research published the report “Aphria: A Shell Game with a Cannabis Business on the Side,” alleging a scheme by Aphria to acquire shell companies and sell them off at, as the legal complaint states, “artificially inflated prices.”

“On this news, Liberty’s stock fell $0.36, or nearly 34%, over the next two trading days to close at $0.70 on December 4, 2018,” the complaint stated.

Numerous investors joined the suit against Liberty, according to the complaint. “The members of the Class are so numerous that joinder of all members is impracticable,” it reads.

Proceeding court filings, including amended complaints from Liberty’s attorneys, continued to set forth these allegations and highlight the large numbers of people who allegedly lost money in 2018 because of this “scheme.”

Liberty has dispensary and delivery operations across Florida and also cultivates and processes cannabis, according to its website and the legal complaint. Liberty plans to expand its manufacturing and processing facility, located on a 387-acre parcel of land in Florida, to 490,000 square feet of cultivation space, according to a press release.

New York’s Hemp Industry in Limbo as New Regulatory Specifics Idle on Governor Cuomo’s Desk

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When many people think of New York, scenes of Times Square and bustling streets may come to mind. However, New York state is more than New York City. In fact, the majority of the state’s economy outside of its infamous city is largely based on agriculture. Any many farmers have begun taking an interest in hemp since it became legalized.

In 2019, New York’s State Senate along with Governor Andrew Cuomo passed S6184A, a crucial bill effectively legalizing hemp extracts in the state. The bill lays out a much-needed regulatory framework on the production, processing, and commercialization of hemp extract products, such as tinctures, salves, and lotions.

Although the bill was considered a true watershed moment for stakeholders in New York’s budding hemp industry, a new challenge has arisen. Over 700 hemp producers across the state are now preparing to harvest thousands of pounds worth of hemp, which will then be sent to over 100 processing facilities across New York.

Unfortunately, New York hemp producers are operating under a temporary set of regulations and licenses granted by the state, which are set to expire at the end of October, right at the beginning of the harvesting season, effectively jeopardizing the entirety of New York’s hemp crop for 2020.

We spoke with Kaelan Castetter, vice-president of the New York Cannabis Growers and Processors Association (NYCGPA) and CEO of the Castetter Cannabis Group, about the status of the new regulations and what it could mean for hemp in New York.

“[Stakeholders] across New York’s hemp industry desperately need new licensing and regulatory guidelines,” Castetter said.

Castetter and other members of the NYCGPA have been working tirelessly to pressure the governor to release them but to no avail: “Nobody knows why the new regulations are sitting on Cuomo’s desk, but it is important that he release them as soon as possible.”

While Castetter could not confirm, it is likely due to the impact of COVID-19, which struck New York heavily earlier this spring, when it was the hotspot of cases in the country. However, revenue from hemp could help the economy, a state like many others now facing a serious crisis.

“Hemp won’t solve all of New York’s issues, but it could generate sizeable economic revenue for the state and create tons of opportunities for communities across the state,” noted Castetter.

A farmer himself, Castetter was quick to point out that New York has a strong agricultural pedigree, making hemp an ideal fit for the state’s agricultural sector.

“Whenever we talk about agriculture, most people think of states like Washington as primary growers for most of the produce we get today,” he said. “[But] New York has just as deep of an agricultural history. We are the second-largest producer of apples in the country.”

Indeed, New York is on the cusp of an agricultural revolution with hemp. A robust hemp industry has the opportunity to offer economic opportunity to multiple stakeholders within the industry, which has largely struggled due to price gluts for traditional crops.

“I know tons of people working in this industry from farmers to processors to CEOs of cannabidiol companies who are ready [to drive the industry forward].” Apparently, the only obstacle facing this potential growth is Governor Cuomo and the clock is ticking.

Will he come through before the final hour, which is rapidly approaching?

“We certainly hope so,” Castetter opined.

Image Credit: Michael Louie

Image Source: https://unsplash.com/photos/Zw5aEvl5QjA

A Key Piece to the Puzzle: Verano Holdings CEO George Archos Discusses AltMed Merger

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Multistate cannabis operator Verano Holdings announced earlier this month that it would acquire and combine operations with AltMed in Florida and Arizona in a merger that will form one of the largest private cannabis companies in the U.S.

Verano has vertically integrated operations in 12 states, with 17 Zen Leaf dispensary locations and 440,000 square feet of cultivation. The company produces a variety of cannabis products under the Encore Edibles, Avexia and Verano brands, and operates across both adult-use and medical markets.

AltMed is a vertically integrated medical cannabis company with 27 dispensaries operating under the MÜV brand. The company also manages 220,000 square feet of cultivation space in Florida and 30,000 square feet in Arizona, where it is expanding by an additional 50,000 square feet to meet increased demand.

When the transaction closes, the companies will operate eight cultivation facilities and 44 dispensaries under the Verano brand across 14 states, with plans for 32 additional retail locations.

Here, Verano Holdings CEO George Archos shares insight into the strategy behind the merger, as well as how the two companies will integrate their operations to achieve their broader goals.

Melissa Schiller: Why was AltMed an attractive acquisition target?

George Archos: We call it more of a strategic merger. The founders of that company are staying on board. Florida and Arizona were two attractive markets for us, and we looked at everyone in the space and the AltMed team was one of the top performers in Florida. We have a similar culture. They have a great business [and] great people, so the fit was almost like Verano had built their business. They operate in a very similar fashion, so it was very intriguing for us. Both teams are very excited for the future. The teams are both staying on board from the Verano side and the AltMed side, so it’s a very complementary transaction. And as we move forward, it’s a key piece to our puzzle.

Photo courtesy of Verano Holdings
Verano’s cultivation facility in Albion, Ill.

MS: Why are Florida and Arizona appealing markets for Verano Holdings?

GA: We did not [have a presence in Florida or Arizona]. We divested our Florida assets in the Harvest transaction, so this is our re-entrance back into the market, [and it’s] the same with Arizona. It’s perfect for our footprint as well as teams.

Florida was always an attractive market for us. They have a great patient base, a great population and limited licenses. In Florida, you have to basically depend on yourself in order to succeed. It’s a vertically integrated business, so you have to produce all your own flower and all your own products to sell through your stores, which is something that we’re very good at, and so is AltMed. They’re great cultivators, great at processing, and now, we’ll be able to bring in our best-in-practice SOPs and our additional products and introduce them into that market.

Arizona is also a very well-established medical program. It’s exciting for us to enter that market. Like New Jersey, they just passed adult-use there, which will be implemented next year. It’s attractive for us and seems like an area where we get to bring our products to market, wholesale those across the Arizona industry, and we’ll be looking to increase our footprint there over time on the retail side.

MS: How does this merger fit in with Verano’s overall M&A or expansion strategy?

GA: It really fit into the two states that we wanted to add to our current portfolio. Right now, we’re only looking to add depth within our current footprint, so we’re not necessarily looking to expand into other states—it’s really adding more retail and/or cultivation in the current markets that we’re in. That’s really our M&A strategy today.

MS: How will Verano ultimately integrate AltMed into its existing operations?

GA: The big benefit of AltMed is we don’t really have any duplicative people. Their entire team is staying on board, our team is staying on board, and we’ll integrate as far as making sure our retail and cultivation SOPs are all similar. But the teams are all staying intact. All three founders on the AltMed side are staying on, so it’s a very complimentary transaction.

The MÜV brand will remain within those states. We will be bringing the Verano brand and products and flower into those markets over the next few quarters. It takes time to make that happen. But MÜV will stay intact in those states, and we will be bringing some of the MÜV products into our current footprint. [AltMed has] some very unique items in their portfolio of products that we can bring to some of our medical states.

MS: What are some of Verano’s shorter- and longer-term goals looking ahead?

GA: It’s really to keep doing what we’ve been doing. We’re going to continue to scale in the markets that we’re in. We’re going to continue to build on our cultivation and processing capacity. We’ll continue to build on our retail footprint. We have quite a few stores planned between both companies, so it’s really just executing on our operational strategy.

Editor’s Note: This interview has been edited for style, length and clarity.

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Study Reveals Gaps in Knowledge of Cannabinoids in Frequent Cannabis Users

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When cannabis was illegal in every state, it was difficult for consumers to access credible information about what they were consuming. The situation is now quite different.

In many states, you can purchase cannabis from knowledgeable budtenders eager to describe terpene and cannabinoid content. Websites devoted to science-based cannabis education, including our sister publications Terpenes & Testing and Extraction Magazine, are great sources as well.

However, a study found that many of today’s cannabis consumers still have little cannabinoid knowledge despite greater access and available education.

Researchers from the University of Buffalo and Michigan distributed a survey to participants at the 2019 Hash Bash, an annual cannabis advocacy event held in Ann Arbor, Michigan. The 24-item questionnaire asked the 472 participants who responded to report effective doses of cannabinoids.

Over two-thirds of the respondents reported using cannabis daily, with the majority using it for medical purposes. While most admitted a knowledge gap in effective dosages, their estimates proved to be far from accurate–in fact, the authors reported that “participants’ average estimates for high-tetrahydrocannabinol (THC) (52%) and high-cannabidiol (CBD) (53%), as well as low-THC (28%) and low-CBD (30%) [cultivars] of cannabis, were considerably higher than the currently accepted definition.”[1]

Interestingly, men, European Americans, and those enrolled in medical cannabis programs had a greater understanding of effective dosages.

The majority of participants reported that their own experience guided most of their opinions about cannabis rather than information from their medical provider or other trusted source.

Co-author R. Lorraine Collins, PhD noted in a press release: “Our results suggest the need for broad-based cannabis education programs to help advocates and the general public to better understand and manage their use of [cannabis].”

In fact, many educational programs are popping up online with the goal of education for consumers.

 Lead study author Daniel Kruger, PhD concluded, “We really have to educate people. This has very real consequences because these compounds have differential effects.”

Image Credit: Erin Stone

Image Source: https://pixabay.com/photos/marijuana-leaf-cannabis-leaf-5315560/

Reference

Kruger DJ, et al. Frequent cannabis users demonstrate low knowledge of cannabinoid content and dosages. Drugs: Education, Prevention and Policy. 2020:1-7.

Huge Turnout at Washington State Liquor and Cannabis Board QC Testing Hearing

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Liberty Health Sciences, a vertically integrated medical marijuana company with operations in Florida, announced in a Nov. 19 press release that it has reached an agreement to settle a class-action suit. The “memorandum of understanding [is] regarding settlement of the securities class action that was commenced against it in the United States in 2019,” the release states.

The settlement figure is $1.8 million US, according to the release, which states: “The settlement is made without any admission or finding of liability and is subject to court approval. There is no assurance that the settlement agreement will receive court approval.”

An attorney representing Liberty wrote in a letter to the judge, overseeing the case in the U.S. District Court for New York’s Southern District, that “Plaintiffs anticipate filing a motion for preliminary settlement approval by January 8, 2021.”

RELATED: How to Raise Capital Without Running Afoul of the SEC

Investors alleged in their January 2019 complaint that Liberty violated securities law. They claimed that Liberty, headquartered in Toronto, Ontario, Canada, “has had longstanding ties” with Aphria, another Canadian cannabis company. Of the “Class Period” between June 28, 2018, and Dec. 3, 2018, the complaint states:

“Throughout the Class Period, Defendants made materially false and misleading statements regarding the Company’s business, operational and compliance policies. Specifically, Defendants made false and/or misleading statements and/or failed to disclose that: (i) Liberty, in conjunction with Aphria, was involved in a scheme whereby numerous fraudulent acquisitions and transactions were made to provide undue benefits to both companies’ insiders; and (ii) as a result, Liberty’s public statements were materially false and misleading at all relevant times.”

Aphria announced that it sold off its Liberty stake in September 2018, according to the complaint. Then, Quintessential Capital Management and Hindenburg Research published the report “Aphria: A Shell Game with a Cannabis Business on the Side,” alleging a scheme by Aphria to acquire shell companies and sell them off at, as the legal complaint states, “artificially inflated prices.”

“On this news, Liberty’s stock fell $0.36, or nearly 34%, over the next two trading days to close at $0.70 on December 4, 2018,” the complaint stated.

Numerous investors joined the suit against Liberty, according to the complaint. “The members of the Class are so numerous that joinder of all members is impracticable,” it reads.

Proceeding court filings, including amended complaints from Liberty’s attorneys, continued to set forth these allegations and highlight the large numbers of people who allegedly lost money in 2018 because of this “scheme.”

Liberty has dispensary and delivery operations across Florida and also cultivates and processes cannabis, according to its website and the legal complaint. Liberty plans to expand its manufacturing and processing facility, located on a 387-acre parcel of land in Florida, to 490,000 square feet of cultivation space, according to a press release.