Ousted Cannabis CEO Renews Suit Against Directors

Law360 (December 14, 2020, 9:54 PM EST) — The former chief executive of a cannabis testing company is taking another shot at a derivative suit against directors of his old employer, filing claims in Delaware Chancery Court accusing them of improperly removing him and then running the company into the ground.

In a 130-page complaint filed Friday, Jmîchaeĺe Keller, who was the CEO of Steep Hill Inc. until late 2018, says company board members and managers and investment firm Merida Capital Holdings LP forced him out and destroyed what could have been the Monsanto of cannabis science.

Using a “freeze-out merger” meant to dilute Keller and other shareholders’ control…

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