Ex-Massachusetts Governor Weld Sues Over Pot-Company Stake
- Weld says ownership shares wrongly converted to cheaper ones
- Weld challenged Trump for Republican Presidential nomination
Bill Weld
Al Drago/BloombergFormer Massachusetts Governor Bill Weld sued the cannabis company on whose board he served over a conversion of his ownership shares that he says make them less valuable.
Weld claims his colleagues at High Street Capital Partners LLC, a holding company for Acreage Holdings Inc., improperly downgraded his ownership shares. He says he was awarded the 625,000 units when he joined the board in 2018, but following the conversion he said he’ll be left with 360,106.
The conversion was done without Weld’s approval and at a time when Acreage’s shares were trading at $1.98 each -- its all-time low, according to the lawsuit filed in Delaware Superior Court Monday. Acreage shares closed at C$3.02 ($2.23) in Canada Monday and are down 84% in the past year. The former politician also claims the conversion left him with ownership units with fewer transfer rights.
Howard Schacter, a New York-based Acreage spokesman, declined to comment on the lawsuit.