Canadian cannabis producer Tilray Brands has agreed to pay rival producer MediPharm Labs a settlement package worth 9 million Canadian dollars ($6.6 million).
The settlement is related to MediPharm’s dispute with Hexo Corp., which Tilray acquired earlier this year.
In January 2020, MediPharm filed a statement of claim in the Ontario Superior Court of Justice against Hexo, one of its long-term customers, over a supply agreement for cannabis concentrates.
The claim said Quebec-headquartered Hexo owed money to Ontario-based MediPharm for products shipped and another sum of money owed for contractually committed amounts not yet shipped.
Tilray, which has offices in Ontario and New York, closed its purchase of troubled cannabis producer Hexo in June for an aggregate purchase price of roughly $56 million (CA$74 million).
In July 2022, MediPharm was awarded a favorable summary judgment in the Ontario Court of Justice.
But Hexo appealed the summary
Read full article on Marijuana Business Daily