Canada-based Adastra Holdings faces a proposed class action lawsuit from a shareholder who alleges the marijuana company made “misleading statements about (its) ability to legally sell cocaine.”
The notice of civil claim filed March 9 in the Supreme Court of British Columbia also names Adastra CEO Michael Forbes as a defendant.
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Forbes did not provide comment in time for MJBizDaily’s deadline.
Adastra, formerly known as Phyto Extractions and based in Langley, British Columbia, denies the claim’s allegations.
On Feb. 22, Adastra announced it had received an amendment to its Controlled Drug and Substances Dealer’s License to “legally possess, produce, sell and distribute” cocaine.
As MJBizDaily previously reported, the amended license did not allow Adastra to sell cocaine to the general public.
A dealer’s license allows Canadian organizations to legally possess and work with controlled substances.
Adastra’s February news release didn’t explicitly state the company planned to sell
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