Curaleaf Mishap
Curaleaf is a USA Long.
In September, Curaleaf mislabeled one of its high THC lines as a CBD line. As a result, a man who had accidentally ingested this high THC product from this mishap ended up in the hospital. This man is now suing the company. "Due to defendant's negligence, plaintiff required immediate medical treatment in the emergency room, and experienced harm including the inability to drive a motor vehicle, unwanted anxiety, acute psychosis, discomfort, distress, and interference with life activities," the man's attorney wrote in the suit. The man is seeking an amount to be determined at trial, along with punitive damages of up to 1% of Curaleaf's net worth, or $90 Million. "A team member confused two containers during the filling and packaging process, one containing CBD and one containing THC," Curaleaf spokesperson Jordon Rahmil said by email from Portland. "This resulted in a single batch of CDB tincture being labeled as THC Drops and vice versa. The amount of THC was within the regulatory limit for a normal batch for our THC drops, but we understand that some customers may have consumed multiple doses."
NY Drug tests
Employers in New York are no longer allowed to drug test for marijuana, the state Department of Labor recently announced. This is a historic move as New York now has the most restrictive laws regarding marijuana drug testing. Employers can still punish employees for being impaired on the job but cannot mandate a test for at-home usage. There are some exceptions, such as those that the Department of Transportation regulates. However, those employees may still be mandated to take a drug test off the job. Quest Diagnostics, which provides employment drug testing services, said New York's move is "a significant change" that makes it "the first state to prohibit cannabis testing in all but narrowly-defined situations essentially."
TLRY and the MSOS
Tilray was up over 15% on the day yesterday. According to CNBC, there has been unusual options activity in the space, likely due to retail activity on the name. Call options expiring at the end of October were trading at volumes not seen in recent weeks. The increase in Tilray also brought the entire MSOS up 5% on the day. Looking at the daily performance, no individual US MSO is listed on Robinhood, so we don't see such moves on those names. Mentions of Tilray on Reddit forum Wallstreetbets skyrocketed in the past few days. It is unclear if an increase in stock price and mentions were caused by one or the other. Tilray recently announced that Blair MacNeil, former General Manager at Bacardi, would be joining Tilray to lead the company's Canadian growth strategy but unlikely the reason for the uptick.
