NEW YORK (MainStreet) The marijuana penny stock Terra Tech is preparing a lawsuit against Anson Funds in Toronto for allegedly making libelous statements about the company to members of the Clark County Commission in Nevada who were considering 79 applicants for 18 grow licenses.
"They were repeatedly emailing commissioners, giving them false information about our company," said Terra Tech CEO Derek Peterson. "They claimed the FBI had raided our offices, which isn't true."
Under its subsidiary MediFarm, Terra Tech is moving forward in applying for production and cultivation permits within Clark County, North Las Vegas and Reno as well as dispensaries in Clark County, Reno and the City of Las Vegas.
"We were specifically told by one commissioner that he voted against licensing us because of the information that had landed there from detractors however we still applied at the state level because if they don't rank applications in the same way that the local level does, we could be in a position to have another chance at those permits," Peterson told MainStreet.
Legal counsel for Terra Tech plans a civil suit based on tortious interference, which is the act of using false information to disrupt another person or entity's ability to do business. "When investors are short a stock, they profit when the price drops but taking deliberate action to force a company's stock price to drop could violate securities law as well as several civil laws," said Peterson.
Terra Tech has also been under attack online by a Twitter user named @Laughinpaulryan whose true identity Peterson believes is a man by the name of Norman Gates.
Read More: Marijuana Business Rewards Creative Strains
One tweet stated that a Terra Tech board member was sentenced to jail, according to Peterson.