MediPharm Labs Settles an Outstanding Claim for $9M
TORONTO, Oct. 2, 2023 /PRNewswire/ - MediPharm Labs Corp. (TSX: LABS) (OTCQB: MEDIF) (FSE: MLZ) ("MediPharm", "MediPharm Labs" or the "Company") a company specialized in precision-based cannabinoids, is pleased to announce it has entered into a settlement agreement on September 29, 2023 (the "Settlement Agreement") to resolve a claim in connection with a commercial agreement dispute, for a total consideration value of $9,000,000.
- TORONTO, Oct. 2, 2023 /PRNewswire/ - MediPharm Labs Corp. (TSX: LABS) (OTCQB: MEDIF) (FSE: MLZ) ("MediPharm", "MediPharm Labs" or the "Company") a company specialized in precision-based cannabinoids, is pleased to announce it has entered into a settlement agreement on September 29, 2023 (the "Settlement Agreement") to resolve a claim in connection with a commercial agreement dispute, for a total consideration value of $9,000,000.
- On January 24, 2020, MediPharm Labs filed a statement of claim (the "Claim") in the Ontario Superior Court of Justice against one of its long-term customers, HEXO Corp., regarding a long-term supply agreement for cannabis concentrates.
- MediPharm was awarded a favourable summary judgment in the Ontario Court of Justice in July of 2022.
- In connection with the Settlement Agreement, Hexo Corp. will abandon its appeal as against MediPharm.