Rhode Island cannabis firm seeks arbitration in opposition to Acreage

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Acreage Holdings, one of many largest multistate operators within the U.S. marijuana market, faces a requirement for arbitration from a Rhode Island firm that claims Acreage violated a contract settlement.

CanWell filed an arbitration request alleging that New York-based Acreage breached a noncompete portion of an working settlement the businesses signed in 2018 by pursuing competing marijuana enterprise alternatives in Maine, Massachusetts and Rhode Island.

CanWell has MJ enterprise pursuits in all three states, based on the authorized submitting.

CanWell is alleging “breach of contract, breach of fiduciary duties, tortious interference with contract, tortious interference with enterprise relations and unjust enrichment” by Acreage and its executives.

The arbitration demand, filed in Kent County Superior Courtroom in Rhode Island, requests damages for all of these allegations in addition to punitive damages and an injunction barring Acreage from competing with the corporate in all three states the place it has MJ enterprise pursuits.

In the meantime, a Rhode Island choose on Friday issued a short lived restraining order stopping regulators from giving the ultimate go-ahead to Acreage’s acquisition of Greenleaf Compassion Care Middle, a licensed MMJ dispensary within the state, as a part of the arbitration case.

Acreage didn’t instantly reply to Marijuana Enterprise Every day for a remark.

Acreage trades on the U.S. over-the-counter markets as ACRGF and on the Canadian Securities Trade as ACRG.U.

John Schroyer might be reached at [email protected]

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