Illinois-based cannabis multistate operator Green Thumb Industries is the focus of a federal investigation, including the possibility the company was involved in corruption related to its political donations, the Chicago Tribune reported.
According to the newspaper, federal authorities are “scrutinizing campaign donations and other steps Green Thumb Industries took as it sought to secure growing and distribution licenses in Illinois and several other states.”
The Tribune, which cited unidentified sources for disclosing the existence of the investigation, didn’t specify what federal agency was investigating Green Thumb or publish any details about the probe’s origin or timeline.
However, no criminal charges have been filed against the company or any of its executives.
The company was unaware it was the subject of an investigation, a spokesperson told the Tribune.
And Ben Kovler, Green Thumb’s CEO, wrote on Twitter that “these are unfounded allegations that completely undermine the actions Green Thumb has taken since day one to compliantly grow our business.”
Kovler said Green Thumb first learned of the investigation from a Tribune reporter and added that the company is “actively reaching out to the authorities to engage on these allegations.”
Green Thumb has grown from its founding in 2014 into one of the largest legal cannabis companies in the United States with an estimated market cap of $5 billion and a footprint in 15 states.
The company’s network includes a lengthy list of lobbyists, former regulators, politicians and others who have helped Green Thumb gain its current industry status. Those ties appear to be a focus of the investigation, according to the Tribune.
Green Thumb trades on the Canadian Securities Exchange as GTII and on the U.S. over-the-counter markets as GTBIF.