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Altai Investor Files Lawsuit

The Breakdown: 

 

  • Just reported by BuzzFeed News, California-based INDUS Holding Co and its CEO, Robert Weakly have had a lawsuit brought against them for securities fraud specifically regarding the Altai cannabis chocolates brand.

 

The Details:

  • INDUS Holding Co's cannabis infused chocolates brand, Altai, has had a lawsuit filed against it for securities fraud by one if its investors. 

  • The CEO supposedly lied about what he contributed to the company and additionally burned away the investor's money with lavish expenditures. 

  • If the CEO, Weakly, did not actually make the claimed contributions to the company, then his claim to 39% ownership should be disproved.

  • The CEO also supposedly got rid of the company's CFO to further cover up the company's books.

  • If these charges of securities fraud including falsified corporate documents, artificial stock price manipulation, and more are substantiated, that would be another negative mark on the cannabis investment industry.

The Takeaways:

  • When CEOs like Robert Weakly make fraudulent actions at the reigns of a business while funded by investors' money, it ruins things for everyone.

  • It makes it harder for other 100% legitimate cannabis industry businesses to get the start-up and growth capital they need to get going.

  • Selfish and fraudulent business leaders should be removed from this budding industry so as to protect the legitimate cannabis business leaders, their investors, and their businesses.

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