A Northern California medical marijuana edibles maker, Altai Brands, is being sued for securities fraud by one of its investors. BuzzFeed has the news about the July 18 lawsuit, which accuses CEO Robert Weakley of lying "about his own contributions to the company’s coffers and [wasting] the investor’s $750,000 on private jets, fancy hotels, and personal legal bills."
Weakly allegedly lived a lavish lifestyle that included use of private jet company Surf Air for jetting around California with friends and family to be fair, Monterey is a really far drive to SFO and stays in expensive hotels like the L’Ermitage Hotel in Beverly Hills, and the Four Seasons.
The anonymous investor, suing under the name Hannaford Enterprises, LLC, claims he's one of the two largest stockholders in Altai Brands, and further says in the complaint that Weakley should not be entitled to his 39 percent ownership stake in the company the suit alleges that Weakley lied about putting $250,000 of his own cash into the company, as well as another $324,250 in unspecified, non-cash contributions. Weakley also allegedly fired the company CFO in an effort to hide Altai's insolvency.
Altai's products, which include colorfully decorated chocolate bon bons and hard candies, can be found at dispensaries all over California. But maybe not for long!