Ganjapreneur reports
California-based Catalyst Cannabis last week filed a lawsuit against Glass House Brands Inc. alleging the company “has become one of the largest, if not the largest, black marketers of cannabis” in the state.
The lawsuit, claiming violations of the state’s Business & Professions Code, comes about a month after Catalyst CEO Elliot Lewis took to social media in front of a whiteboard and made similar claims about Glass House using “fourth-grade math” and its May 15 First Quarter 2023 Financial Results to allege that Glass House is “the biggest black marketeer … in the history of the United States.”
In the lawsuit, Catalyst says that prior to the May 15 report, Glass House had indicated that cannabis cultivation capacity in California had dropped 21%, flower prices fell over 20%, and there are 1,200 fewer active cultivation licenses; but meanwhile, the company’s report predicts a 62% increase in its own cannabis production from 2022 to 2023. In the May 15 report, Glass House also estimates its revenues would increase “upwards of $160 million.”
Read full article at
