California-based cannabis company Bloom Farms settled a defamation lawsuit filed by Oregon’s Cura Partners for an undisclosed sum.
Neither company would disclose details of the settlement of the case filed in January in Alameda County Superior Court in California, according to multiple news reports.
Cura claimed in the suit that Bloom, an industry rival, had circulated anonymous social media postings about a former chief executive in order to damage Cura’s brand.
The executive, Nitin Khanna, had been accused of sexual assault in 2012. He wasn’t criminally charged, but did settle civil claims.
Massachusetts-based Curaleaf announced an agreement in May to buy Cura Partners in an all-stock deal for about $950 million.
But the transaction has yet to close and value of the deal has plummeted by about 40% in the meantime.
For more about the lawsuit settlement, click here.
Written by Jeff Smith
Marijuana Business Daily