They will now appeal it, i should imagine, and waste even more money
Crains Detroit
Michigan cannabis grower Hello Farms is set to receive $32 million after a federal court jury found earlier this week that Curaleaf, the country’s largest weed company, breached its purchase agreement.
The ruling comes after nearly four years of battling in court between Curaleaf and the Au Gres-based grower.
Curaleaf agreed to buy thousands of pounds of Hello Farms’ outdoor grown cannabis if its product achieved more than 12% tetrahydrocannabinol — or THC, the psychoactive ingredient in cannabis — for $1,000 a pound in 2020 and $850 a pound in 2021.
But after acquiring just 2,000 pounds of the contracted 16,000 pounds in 2020, Curaleaf demanded to renegotiate as prices in the state’s legal industry were cratering.
Between January and December 2020, retail medical marijuana prices fell more than 15% to $254.91 an ounce, or $4,078.56 per pound, and adult-use recreational marijuana prices plummeted more than 31% to $350.88 an ounce, or $5,614.08, a pound.
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https://www.crainsdetroit.com/cannabis/curaleaf-pay-32m-damages-hello-farms
