Green Market Report
The cannabis tech firm CannaRegs announced that a lawsuit that was filed against it has been dismissed. CannaRegs is a technology platform that provides users enhanced access to all state and municipal cannabis rules and regulations. It was acquired by Fyllo in January 2020. Fyllo is another cannabis tech firm whose CannaBrain marketing technology ingests and interrogates billions of data points, allowing brands to safely build and execute advertising campaigns while also enabling publishers to create and monetize compliant ad inventory. At the time of the acquisition, Amanda Ostrowitz, CannaRegs’ founder and CEO, joined Fyllo as its Chief Strategy Officer reporting to CEO Chad Bronstein.
The case was voluntarily dismissed this week after the executives were unable to provide proof of their claims. The parties stated,
“Lester Firstenberger and Sathya Rajavelu (“Plaintiffs”) have decided to voluntarily dismiss their lawsuit against Regs Technology, Inc. and Amanda Ostrowitz (“Defendants”) relating to the sale Plaintiffs’ ownership in Regs Technology. When they filed the lawsuit, Plaintiffs believed that at the time of their divestment, Ostrowitz and the other defendants named in the original complaint had been negotiating the sale of Regs Technology and had concealed this negotiation from Plaintiffs. Since the filing of this lawsuit, discovery has revealed that Plaintiffs were mistaken in their belief that discussions pertaining to the sale of Regs Technology had preceded their divestment in Regs Technology. In light of this, Plaintiffs have in good faith decided to dismiss the lawsuit.”
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