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Earlier this week, the Chicago Tribune ran a narrative alleging that cannabis firm Inexperienced Thumb Industries Inc. (OTCQX: GTBIF) was below federal investigation for doable pay-to-play violations throughout its push for coveted state licenses. The article cited an unnamed supply. The story claimed that investigators had been trying into marketing campaign donations as the corporate was searching for licenses in Illinois. No fees have been filed within the investigation in response to the story. The inventory fell over 11% in buying and selling on Tuesday because the article made the rounds.
The story was comparatively obscure and acknowledged, “It’s unclear what particular points of Inexperienced Thumb’s political giving, hiring or different actions are being scrutinized by federal authorities. The precise time-frame and origin of the probe weren’t recognized.”
In a press release, Inexperienced Thumb mentioned it possesses completely no proof to corroborate claims that there’s an open investigation by federal authorities as alleged in an article by the Chicago Tribune below a deceptive headline printed on March 29, 2021.
Inexperienced Thumb mentioned it first realized of the alleged probe into supposed violations relating to acquiring licenses from a Chicago Tribune reporter who cited unnamed sources shortly earlier than the article was printed. The corporate went on to say that Federal authorities have made no effort to provoke contact with Inexperienced Thumb.
“The Chicago Tribune has printed unfounded allegations that fully contradict our company values,” mentioned Inexperienced Thumb Founder and CEO Ben Kovler. “The reporter didn’t cite any credible sources nor proof, and printed below a salacious entrance web page headline supposed to mislead. This isn’t simply irresponsible journalism however reckless conduct that impacts the livelihood of our workers, the shut bond to the communities during which we serve, and the belief of our buyers. Our firm has secured licenses via aggressive state-run packages and conventional M&A transactions. We’ve got taken painstaking measures to scale compliantly as we offer entry to well-being via cannabis, and can proceed to carry ourselves to the very best requirements.”
The article did state that data confirmed that GTI’s executives and associates donated to numerous politicians in addition to a political motion committee that was instrumental within the marijuana legalization effort. Nevertheless, that’s frequent follow in each state the place firms are pushing for legalization. The story didn’t point out whether or not different Illinois license holders had additionally donated to the legalization effort.
The story mentioned that the corporate additionally employed lobbyists and consultants with deep ties to then-Home Speaker Michael Madigan. But, it failed to notice that a lot of the license holders within the state additionally helped assist the battle for legalization by making donations.
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