More Cookies investors have sued the cannabis industry darling, claiming the prominent California-based marijuana brand mismanaged their $15.5 million through “multimillion dollar kickbacks and other self-dealing” that benefited company founders at investors’ expense, court documents filed this week show.
But what could be a more troubling sign for Cookies as well as the struggling marijuana industry, Cookies allegedly ran out of money last summer when it missed a key valuation and then “burned through most of” an additional $23 million raised earlier this year.
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A Cookies spokesperson declined to comment to MJBizDaily, although in a court filing Friday the company’s president rejected “many” of the new lawsuit’s allegations.
These latest claims – filed along with a request for a judge’s intervention in company business on Thursday in Los Angeles County Superior Court – mirror separate allegations against Cookies made in two other legal matters filed earlier
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