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Top Cannabis Company Steep Hill Driven to ‘Ruin,’ Ex-CEO Claims

Dec. 14, 2020, 6:01 PM

Steep Hill Inc.'s former CEO sued its board, current and former leaders, and financial backers in Delaware on Monday, challenging his ouster by a private equity “cabal” that allegedly squandered the chance to become “the Monsanto” of cannabis and “ran the company into the ground.”

In a bid to “wrest control” of the testing and genetics company, the “contested management team” brought “ruin” to it—just when it was set to “dominate” the import-export market—by selling off “key assets” and dismantling its industry-leading software, the complaint says. “In their greed, defendants reduced a $200 million valuation to nearly nothing.”

The derivative...

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