A breeder of hemp strains that went under is now accusing its former CEO of selling intellectual property. The former Oregon based company, Your Custom Genetics Holdings LLC, is looking into a deal done by its former CEO and chief genetics officer, Paul Smith.
Smith allegedly sold a low THC strain of hemp that the company developed and subsequently owned to Canopy Growth. The strain, called Relief Now, changed hands nine months after Smith took the property. The sale took place for $3.83 million under the new company name Go Farm Hemp. The total of the deal is rumored to be worth $13 million.
John Short is the person accusing Smith of this wrongdoing. Short owned 45% of Your Custom Genetics and is now the principal owner of Big Wuf Enterprises LLC in Arizona. He is suing for a total of $5 million in damages from the incident.
The purchase was discovered after it was disclosed in another lawsuit concerning Go Farm Hemp. The company received the suit from Canopy Growth, who purchased the strain. That suit was ultimately dropped but opened the door for the discovery of the wrongful sale.