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Новости/Аналитика

The largest Canadian hemp companies face lawsuits against them initiated in the US

21.01.2020

Claims against Canadian hemp companies are already adversely affecting the market for securities placed or placed in the USA and Canada . Even if the lawsuits are not successful, they will still create problems for hemp companies that are trying to win the attention of investors , as the losses of Canadian cannabis growers significantly discredited the investment potential of the industry .

At least nine US law firms have filed class action lawsuits against Canada ’s three largest cannabis producers after investors suffered significant financial losses in the stock market. In US courts, lawsuits have been instituted against Canopy Growth, Aurora Cannabis, and Hexo Corp.

Despite the fact that the charges vary, each of the Canadian cannabis producers listed above is accused of misleading investors or not revealing specific business problems . When these problems became well-known, stock prices fell sharply, and investors suffered significant losses.

Hexo, based in Gatineau, Quebec, is accused of not informing investors that the company was increasing its revenue through a process called “channel filling,” which involves sending more products to retailers than they can sell. The lawsuit alleges that Hexo did not inform investors that the amount of cannabis crop grown was incorrectly estimated and that the plants were grown in a greenhouse in Ontario that was not properly licensed by the Canadian Department of Health .

The collective complaint filed in New York court, stating that when "Hexo" in March 2019 announced the acquisition of a rival "Newstrike Brands", the company announced the acquisition of four production facilities of the latter. The document states that the company voiced "an intention to achieve a net profit of $ 400 million in 2020." However, by October, the company “forgot” about its obligations after it forecasted net revenue for 2019 in the amount of $ 46.5 to 48.5 million. Two weeks later, Hexo announced 200 layoffs of its employees. In addition, it was not until November that the company announced that psychoactive hemp was grown at one of the facilities it purchased from Newstrike without federal authorization. “In general, Hexo lost hundreds of millions of dollars of market capitalization as a result of these disclosures,” the complaint said. “As a result of unlawful actions and omissions of the defendants, as well as a sharp decrease in the market value of the company's securities, the plaintiff suffered significant losses and damage.”

Hexo Corp Stock Prices

According to the application, between January 25 and November 15, 2019, Hexo shares fell 65 percent on the New York Stock Exchange.

Edmonton-based Aurora Cannabis is facing claims that the company has overestimated or overestimated the demand for its products and produced too much, resulting in an excess of hemp in the market . In November, Aurora announced that it was stopping or delaying construction at production facilities in Denmark and in the city of Medicine Hat (Alberta, Canada ). The company's management also reported disappointing financial results, including a decrease in quarterly net revenue by 24 percent. After a couple of months, the company reported to the media that it was selling a greenhouse in Exeter (Ontario, Canada ).

Another thesis is based on the fact that “Aurora” was not frank with investors , as it did not receive the necessary permits from the German authorities to use a specific method of cultivation in this country . After German pharmacists were ordered to stop selling medicines manufactured on the basis of Aurora raw materials until appropriate measures were taken, the lawsuit said, the company's stock price fell significantly. “As a result of unlawful actions and omissions of the defendants, as well as a sharp decrease in the market value of securities, the plaintiffs suffered significant losses and damage,” a complaint filed in a court in New York a week ago.

The lawsuit alleges that Aurora shares on the New York Stock Exchange fell 75 percent from $ 7.51 per share to $ 1.9 between October 23, 2018 and January 6, 2020.

"Canopy Growth" - the largest manufacturer of medical cannabis in Canada , faces charges that the company overstated or overestimated the potential market for their products in the Canadian retail stores , which resulted in write-downs and restructuring costs.  

A group complaint said that the Smith Falls (Ontario, Canada ) company issued press releases claiming that Canopy Growth is expanding its production capacity to meet forecasts of growing hemp demand in Canada and around the world . “As a result of the dissemination of the aforementioned false and misleading reports, publications and public statements, the market value of Canopy securities has been artificially high.” In November 2019, the company announced that revenue was lower than expected and the loss was $ 374.6 million. 

Between September 8, 2017 and November 13, 2019 - the period that covers the proposed class action - the price of Canopy shares on the New York Stock Exchange fell by more than a third, from $ 28.26 per share to $ 18.5.

Commentary experts of the Association "Ukrainian industrial hemp"

The above hemp companies were among several Canadian medical hemp companies that are listed on US stock exchanges and have attracted significant financial resources in the wake of artificially created excitement for potential investors . The aforementioned lawsuits against Canadian hemp companies are already adversely affecting the market for securities placed or placed in the USA and Canada . Even if the lawsuits are not successful, they will still create problems for hemp companies that are trying to win the attention of investors , as the losses of Canadian cannabis growers significantly discredited the investment potential of the industry .

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