Verano Holdings, along with two private firms, the CEO of Treevit, Gyasi Sellers, and several Massachusetts cannabis entities, have filed a lawsuit against Attorney General Merrick Garland. This move, which took place on Thursday, challenges federal marijuana restrictions in 38 states where the substance is legalized and regulated. Despite a 7% drop in Verano's shares to $3.27 on the same day, the company has managed to maintain a 6% increase year-to-date.
The lawsuit is led by attorney David Boies, who has expressed his intention to challenge a Supreme Court decision that supports federal marijuana criminalization. He shared these intentions with the Wall Street Journal.
In related news, several major U.S. cannabis firms also experienced declines in their share prices. These include Curaleaf and Green Thumb Industries (OTC:GTBIF). Additionally, the AdvisorShares Pure U.S. Cannabis ETF, which currently sits at $5.43 per share, also saw a decrease in its value.
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