A subsidiary of Scotts Miracle-Gro Co has sued an investment management company in U.S. court, claiming that it tried to 'ruin' the lawn and garden affiliate's $175 million interest in a cannabis industry acquisition firm.
JW Asset Management, the largest shareholder in RIV Capital, has embarked on a quest to oust three directors nominated by Hawthorne who serve on Toronto-based RIV's board and replace them with the investment firm's "chosen" picks, according to the lawsuit.
A representative from JW Asset Management, based in Armonk, New York, on Tuesday did not immediately respond to messages seeking comment. A lawyer had not yet appeared for the company. A TerrAscend representative did not immediately comment. Hawthorne said in the lawsuit that the "series of anticompetitive or otherwise wrongful and improper actions" were undertaken "to stop RIV Capital's entry into the New York-New Jersey market." The lawsuit claimed that stopping RIV Capital's move into New York would reduce industry competition, to the benefit of TerrAscend.
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