b'Securities Class Action Filings Involving Cannabis Companies 2018-2020Parallel Federal-State Filings Federal Courts Only15 1312Number of Filings Number of Filings966 103 6 602018 2019 2020Source: Cornerstone Research and Stanford Law School Securities Class Action Cleaninghouse; Bloomberg Law; Institutional Shareholder Services Securities Class Action Services (ISS SCAS).Note: In 2019, there were three cannabis-related fillings in federal court with a parallel lawsuit alleging 1933 Act claims in state court. There were no cannabis-related state court 1933 Act fillings in 2018 or 2020.Of the six new class actions brought against cannabis issuers, three were filed in New York district courts, which continued the previously observed trend of these cases being pursued in the Second Circuit. Securities Class Actions Involving Cannabis Companies, by Jurisdiction and Venue151212966 42 33 102nd 3rd 4th 9th 11th State CourtFederal CircuitSource: Cornerstone Research and Stanford Law School Securities Class Action Cleaninghouse; Bloomberg Law; Institutional Shareholder Services Securities Class Action Services (ISS SCAS).Note: In 2019, there were three cannabis-related filings in federal court with a parallel lawsuit alleging 1933 Act claims filed in state court. These lawsuits were filed in California, Florida, New York state courts. There were no cannabis-related state court 1933 Act filings in 2018 or 2020.Notably, defendants in securities class actions have had success in securing dismissal of these actions. Dating back to 2018, defendants have successfully defeated nine of the 25 (36%) cases brought against cannabis companies. However, 15 of the cases (60%) are still pending.5'