Cannabis company Golden Leaf Holdings ends $125M merger with Terra Tech

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Toronto-based Golden Leaf Holdings announced it won’t pursue a $125 million merger with Terra Tech, a vertically integrated multistate marijuana company that was faces a lawsuit alleging theft, stock manipulation and filing false reports.

Golden Leaf and California-based Terra Tech had previously signed a nonbinding letter of intent to merge.

The deal, subject to a number of conditions, would have given Terra Tech access to the Canadian market.

Golden Leaf did not disclose its reasons for pulling back from the deal, and representatives for the company could not immediately be reached for comment.

Read more about the lawsuit against Terra Tech here. The company “strongly denies” the allegations contained in the suit.