Cannabis
MediPharm Labs Awarded Payment of $9.8M in Connection to a 2020 Statement of Claim Against a Previous Customer
MediPharm Labs Corp. (TSX: LABS) (OTCQX: MEDIF) (FSE: MLZ) (“MediPharm”, “MediPharm Labs” or the “Company”) a pharmaceutical company specialized in precision-based cannabinoids, today announced that it has been awarded a favourable summary of judgement in the Ontario Court of Justice in connection with a supply agreement dispute in the amount of $9.8M.
On January 24, 2020, MediPharm Labs filed a statement of claim (“Claim”) in the Ontario Superior Court of Justice against one of its long-term customers of cannabis concentrates. The Claim related to, among other things, the payment of outstanding amounts due to the Company for products shipped to and received by the customer and deposits owed to the Company for committed amounts not yet shipped.
On February 26, 2020, the defendant in the Claim filed a statement of defense and counterclaim. The Ontario Court of Justice has dismissed this counterclaim.
This summary judgement and subsequent payment, and recent conditional sale of the Company’s Australian facility, will add over $16M in cash, strengthening the balance sheet.
David Pidduck, CEO of MediPharm Labs commented, “In the early days of the nascent cannabis industry many companies faced risks in collecting large receivables. This summary judgement will allow us to collect this $9.8M, which will dramatically strengthen our balance sheet. MediPharm now has many customers across multiple channels and our accounts receivable are healthy. The collection of this cash will significantly improve MediPharm’s cash position and give us flexibility to consider M&A opportunities.”
-
Cannabis2 weeks ago
Sannabis, Inc. (OTC: USPS) Announces First Shipment of Cannabis Essential Oil from Colombia to U.S. to Fill First Order, as the DEA Re-Classifies Marijuana from Schedule I to Schedule III
-
Cannabis1 week ago
IM Cannabis Reports First Quarter Financial Results
-
Cannabis1 week ago
Mikra Announces Partnership with Virun NutraBiosciences Inc. and Releases CELLF 2.0
-
Innocan7 days ago
Innocan Pharma Reports Breakthrough in a Pre-Clinical Trial: Liposomal-CBD Injection Restores Mobility to an Amputee Female Donkey
-
Cannabis3 days ago
Avicanna Announces Results of Study in Patients with Epidermolysis Bullosa
-
Cannabis3 days ago
Global Legal Marijuana Strategic Business Report 2024: A $125+ Billion Market by 2030 Featuring Aphria, Aurora Cannabis, Beacon Medical, Canopy Growth, Cronos, OrganiGram, Tikun Olam, Tilray, Wayland
-
Cannabis2 days ago
North America Legal Cannabis Industry Report 2024: Market to Grow at a CAGR of 26.65% During 2023-2032, Bank Loans Boosting Business Growth
-
Cannabis1 day ago
Polyethylene Films Packaging Market Size to Worth USD 139.98 Bn by 2032